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US embargo on oil purchases from Russia to remain after price cap introduced — US Treasury

The US Treasury also clarified that the US embargo does not restrict imports of Russian crude oil and petroleum products to countries other than the United States

WASHINGTON, September 10. /TASS/. The US embargo on the purchase of Russian oil will remain in force after the introduction of a price cap on oil from Russia, according to the US Treasure preliminary guidance on implementation of a maritime services policy and related price exception for seaborne Russian oil issued on Friday.

"The ban will remain in effect," the departement said. The US Treasury also clarified that the US embargo does not restrict imports of Russian crude oil and petroleum products to countries other than the United States.

The embargo on purchases of Russian oil, imposed by the European Union and the USA, resulted in a sharp rise of prices, which allowed the Russian Federation to divert large volumes of raw materials to other markets, first of all to India and China. The EU and the US are suffering losses, including secondary effects in the form of inflation. On September 2, the G7 finance ministers announced their intention to introduce a price cap on Russian oil. For this purpose, they want to create a "broad international coalition" and ban any maritime transportation services for Russian oil, if it is sold at a price above the limit agreed by such a coalition.

On September 7, Russian President Vladimir Putin slammed the idea of limiting prices for Russian energy resources "an absolutely stupid solution".