EU, UK Lower Russian Oil Price Cap
The EU and the U.K. plan to lower their price caps on Russian crude oil from $47.60 per barrel to $44.10 per barrel, they announced this week. The new price will take effect Feb. 1, although a transitional period through April 16 will permit certain payments of $47.60 per barrel for contracts that were concluded before 11:01 GMT on Jan. 31 for the U.K. and before Jan. 16 for the EU, according to FAQs released by the two entities. The U.K.'s Office of Financial Sanctions Implementation also updated its price cap general license to reflect the change.
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The EU last announced a lowering of the price cap in July, and it took effect in September (see 2507180017).