On 4 February 2023, members of the Price Cap Coalition (G7 plus
EU and Australia) reached consensus on price caps for seaborne
Russian-origin petroleum products falling under CN code 2710.
The prohibition applicable to the price caps (Article 3n of
Council Regulation 833/2014) entails that it is prohibited to
provide:
- maritime transport of petroleum products to third countries
and
- technical assistance, brokering services or financing or
financial assistance, related to the maritime transport of
petroleum products to third countries
for petroleum cargoes purchased above the respective caps.
By way of the agreement of 4 February, two price caps have been
introduced: one for "premium to crude" petroleum products
such as gasoline, motor spirits, aviation spirits, motor fuel blend
stocks, gasoil and diesel fuel, kerosene and kerosene-type jet
fuel, and vacuum gas oil, and the other for "discount to
crude" petroleum products, such as naphtha, residual fuel
