Price cap for crude oil and petroleum products of Russian Federation Origin－Request for Attestation 5 December 2022 No.22-018 Tweet Download PDF (1,076KB) In September 2022, the G7 Finance Ministers agreed to introduce a "price cap" (a measure that prohibits services related to the marine transportation of Russian crude oil and petroleum products which are sold above a certain price and exempts services related to Russian crude oil and petroleum products sold at or below a certain price), with the aim of reducing Russian energy revenues while preventing a sharp rise in global energy prices.   In accordance with this agreement, on 5th December, 2022, the Japanese Ministry of Finance published Notice amending the Foreign Exchange Order and Q&A regarding the price cap regime.   Under the Notice, our association will, in principle, be prohibited from providing insurance services to vessels transporting Russian crude oil that are sold above the "price cap" on or after 5th December, 2022 (the provision of insurance for vessels transporting Russian petroleum products will be prohibited on or after 5th February, 2023). The provision of insurance for vessels transporting crude oil and petroleum products which are sold at or below the price cap (to countries where imports are not prohibited) will be allowed only after receiving a written declaration (attestation) in advance from the members.   The targeted cargoes are crude oil (HS code 2709.00) and petroleum products (HS code 2710) of Russian origin. The price cap for crude oil is US$60.00 per barrel (FOB price) as of 5th December, 2022. The price cap for petroleum products has not been announced. Prices are subject to change depending on the circumstances. This price cap is applicable to crude oil and petroleum products originated in Russia, regardless of the place of loading. Russian crude oil blended with non-Russian crude oil is also subject to the price cap. If Russian crude oil is refined into petrol