New sanctions against Russia. Maximum prices for light oil products and fuel oil agreed upon

This was reported by the press service of the US Treasury Department.

On January 20, US Deputy Treasury Secretary Wally Adeyemo held an online meeting with the deputy finance ministers of the countries that have imposed restrictions on the price of Russian marine oil to discuss progress and identify further steps to complete the policy of limiting prices for Russian oil products.

The participants of the meeting agreed on the approach to oil products from Russia, which provides for the introduction of two price caps:

"One cap for products that generally trade at a premium to crude, such as diesel or gasoil, and one for products that trade at a discount to crude, such as fuel oil," the statement said.

The participants of the meeting agreed that this approach would allow for better calibration of the policy of setting price caps for petroleum products, taking into account the wide range of market prices at which they are traded.

The deputy ministers also agreed to review the price ceiling for Russian oil in March.

"This will allow the Coalition to take into account developments in global markets after the refined products caps are implemented, as well as allow the Coalition to be briefed on the results of the EU’s technical review of the crude price cap," the US Treasury Department said in a statement.