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Oil Price Cap

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EU sanctions package seals Greece’s gas carve-out and freezes oil price cap
world1 month ago

EU sanctions package seals Greece’s gas carve-out and freezes oil price cap

EU negotiators reached a 21st sanctions package against Moscow that includes a limited Greek gas carve-out allowing pre-invasion contracts to continue shipping Russian gas to non-EU markets while barring new shipments, and a 12‑month freeze of the Russian crude oil price cap at about $44.10 per barrel. The package also expands vessel and bank restrictions and adds to the blacklist, but preserves Greece’s shipping interests and requires unanimous EU agreement to end the carve-out.

via politico.eu|
#eu-sanctions#gas-shipments#greece
Greece clinches LNG exemption as EU approves 21st Russia sanctions package
world1 month ago

Greece clinches LNG exemption as EU approves 21st Russia sanctions package

EU negotiators approved a 21st sanctions package against Russia, tightening penalties on vessels, banks, and oil traders; Greece won a derogation to allow some Russian LNG shipments to non-EU clients for pre-invasion contracts, while the oil price cap remains frozen at $44 per barrel for 12 months to avoid market shocks. The package also expands sanctions on the shadow fleet and other entities, with Bulgaria and Austria securing related concessions and fisheries restrictions largely dropped from the final text.

via Euronews.com|
#eu#greece#lng-exemption
EU sanctions talks stall as price cap extension buys time
world1 month ago

EU sanctions talks stall as price cap extension buys time

EU diplomats failed for a third straight day to reach a new Russia sanctions package, forcing a temporary extension of the $44.10 per barrel oil price cap on Russian crude until July 23 and setting July 22 for another meeting; Austria’s plan to compensate Raiffeisen Bank via seizure of frozen Russian assets tied to Deripaska has emerged but faces resistance as Greece raises LNG trade concerns, with the bloc hoping to maintain unity amid Kyiv’s drone campaign and Russia’s ongoing war.

via politico.eu|
#eu#oil-price-cap#russia
EU pushes ahead with sanctions on Russia amid Bulgarian veto threats and oil-cap deadline
world2 months ago

EU pushes ahead with sanctions on Russia amid Bulgarian veto threats and oil-cap deadline

The EU’s 21st sanctions package on Russia faces major hurdles including Bulgaria’s opposition and a looming July 15 deadline to avoid an automatic rewrite of the seaborne oil price cap. Negotiators are weighing keeping the cap at $44 per barrel until January 2027 or delaying the review, while also debating LNG restrictions and fish imports. Bulgaria’s objections extend to proposed sanctions on Patriarch Kirill and Lukoil’s Vagit Alekperov due to domestic concerns, complicating talks as the Irish presidency takes over and bids to reach a deal.

via Euronews.com|
#bulgaria#eu-sanctions#oil-price-cap
EU Nears Agreement on New Russia Sanctions Amid Slovak and Maltese Opposition
world1 year ago

EU Nears Agreement on New Russia Sanctions Amid Slovak and Maltese Opposition

Slovakia is expected to approve the EU's 18th sanctions package against Russia after receiving guarantees from the EU, despite previous opposition due to concerns over energy transition and alignment with Moscow. The package includes a new Russian oil price cap, lowering the maximum price to $47 per barrel, with full agreement anticipated soon.

via The Kyiv Independent|
#bratislava#eu-sanctions#oil-price-cap
"U.S. Imposes Sanctions on UAE Shipping Firm for Breaching Russian Oil Price Cap"
energy2 years ago

"U.S. Imposes Sanctions on UAE Shipping Firm for Breaching Russian Oil Price Cap"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken its first oil price cap enforcement action of 2024 against UAE-based shipping company Hennesea Holdings Limited for violating the price cap by carrying Russian crude oil purchased above the $60 threshold. OFAC has designated all property and interests in property of Hennesea in the US as blocked, and prohibited transactions involving any blocked property. The US, G7, EU, and Australia have agreed to prohibit the importation of crude oil and products from Russia unless purchased and sold below the designated price cap.

via OilPrice.com|
#energy#enforcement-action#oil-price-cap
G7 Implements Ban on Russian Diamond Imports
international-relations2 years ago

G7 Implements Ban on Russian Diamond Imports

The G7 is expected to announce a ban on Russian diamonds and measures to manage immobilized Russian central bank assets and the G7 oil price cap. The ban on Russian diamonds will be implemented in two phases, starting from January 1, with a self-declaration system for diamond companies during the phase-in period. Western countries are also looking for ways to strengthen the implementation of the $60 price cap on Russian crude oil. The United States has already started imposing sanctions on violators of the price cap. Additionally, the European Commission is expected to propose a method to capture the interest gained on the frozen assets, which are primarily held by Belgian clearing house Euroclear.

via Reuters|
#assets#diamonds#g7
IEA assures oil supply unaffected despite stricter price cap enforcement and Russian sanctions busting.
energy3 years ago

IEA assures oil supply unaffected despite stricter price cap enforcement and Russian sanctions busting.

The International Energy Agency (IEA) does not expect the enhanced enforcement of the $60-per-barrel price cap on Russian seaborne crude oil and upper price limit for Russian oil products to affect the global oil and fuel supply. The G7 will enhance efforts to counter evasion of the caps "while avoiding spillover effects and maintaining global energy supply". The IEA's Executive Director Fatih Birol said the price cap reached two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow's revenues were reduced.

via Reuters|
#energy#g7#global-energy-supply