Japan has decided to tighten control over the price ceiling for Russian oil

Starting February 20, the Japanese Ministry of Finance will tighten control over compliance with the price ceiling for Russianoil , Nikkei reports.

Now insurance and shipping companies are required to obtain declarations from importers of Russian oil that its price does not exceed the established limit. Documents are issued for the entire period of validity of the insurance or transportation contract. According to the decision of the Japanese Ministry of Finance, from February 20, companies will have to receive declarations for each loading.

Such documents will not be required if prices are specified in the contract. Importers suspected of exceeding the ceiling may be required to provide details of transport costs and insurance premiums.

The G7 countries ( Japan , usa , UK , Germany , Italy , CANADA , France ), the European Union and Australia introduced a price ceiling for Russian oil supplied by sea at the end of 2022. Companies from countries that have joined the measure are prohibited from providing transport, insurance and financial services for Russian oil if it is sold at a price above the established limit of $60 per barrel.

From February 5, 2023, similar restrictions began to apply to the supply of petroleum products from RUSSIA. For them, the price ceiling is set depending on the type: at $100 per barrel for diesel and $45 per barrel for fuel oil, sold at a discount.

Moscow considers the sanctions illegal. Deputy Prime Minister Alexander Novak called the introduction of a price limit an ineffective tool, saying that end consumers suffer from it.

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