Canada, along with its G7 partners and Australia, is imposing a price cap of US$60 per barrel on Russian-origin crude oil. Effective December 7, should the price per barrel exceed this cap, anyone in Canada or any Canadian internationally is prohibited from providing select services related to the maritime transport of Russian crude oil. Canada’s ban on imports of Russian oil remains in effect. These measures aim to restrict the flow of petrodollars to the Kremlin while addressing the immediate energy needs of affected countries.
The International Group of P&I Clubs (IG P&I Clubs) has issued guidance on the operation of the Russian Price Cap for shipowners and charterers.