Oil price cap -
The oil price cap has been co-ordinated by the G7 in order to make EU, UK and US services (including (re)insurance) available to third country importers and exporters as long as the price paid for oil/petroleum consigned from or originating in Russia is at or below the price cap. The purpose of this is to deprive Russia of revenues from oil whilst still enabling Russian oil to flow to third countries that need it. It is unclear, however, whether such aims will be achieved.
The oil price cap has been set at USD 60 per barrel for crude oil (HS code 2709).
Please see full publication below for more information.
