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Batch with miniscule volume of Russian oil not subject to price cap, says Japan

On December 5, the EU’s embargo on Russian oil shipments by sea and its $60 a barrel cap on seaborne Russian crude became applicable

TOKYO, December 5. /TASS/. The presence of "a minor" volume of Russian oil, for instance, in the form of what remains at the bottom of a tanker in a batch being purchased, will not create problems in terms of the oil price ceiling mechanism, according to a clarification provided by the Japanese Foreign Ministry on Monday.

"If the possibility of the inevitable emerges, with a very small portion of the Russian oil being added, no problems will arise in settling [all procedures] in such a way [as if] the Russian oil is not [part of the batch]," the document said and mentioned the remainder of oil at the bottom of a tanker as an example.

On December 5, the EU’s embargo on Russian oil shipments by sea and its $60 a barrel cap on seaborne Russian crude became applicable. The G7 and Australia joined the EU price ceiling. A number of European experts worry that the measure will negatively affect the global economy. Russia warned earlier that it would not sell its crude under the conditions envisaged by the price cap, even if forced to cut production.