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DETERMINATION PURSUANT TO SECTIONS 1(a)(ii), 1(b), AND 5 OF EXECUTIVE ORDER 14071
Price Cap on Petroleum Products of Russian Federation Origin
Pursuant to sections 1(a)(ii), 1(b), and 5 of Executive Order (E.O.) 14071 of April 6, 2022 ("Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression"), and the determination of February 3, 2023, made pursuant to sections 1(a)(ii), 1(b), and 5 of E.O. 14071 ("Prohibitions on Certain Services as They Relate to the Maritime Transport of Petroleum Products of Russian Federation Origin"), the Secretary of the Treasury, in consultation with the Secretary of State, hereby determines that, effective 12:01 a.m. eastern standard time on February 5, 2023, the price cap on Discount to Crude petroleum products of Russian Federation origin shall be $45 per barrel, and the price cap on Premium to Crude petroleum products of Russian...
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1) Refer generally to Consolidated Comment on the Prohibitions on Certain Services as They Relate to the Maritime Transport of Crude Oil and Petroleum Products of Russian Federation Origin (the Price Cap), and compare the crude oil price cap at ($60 Price Cap) Determination Pursuant to Sections 1(a)(ii), 1(b), and 5 of Executive Order 14071 (Effective December 5, 2022) (First PC Determination).
2) Pp. 6-7 of the OFAC Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin (February 3, 2023), as described in the Consolidated Comment referenced above, explain the distinction between "Discount to Crude petroleum products" and "Premium to Crude petroleum products".