As Russia's war in Ukraine stretches into its tenth month,
governments around the world continue to coordinate and respond
with increasingly severe sanctions and export controls.
1 On December 2, 2022, the G7 countries (Canada,
France, Germany, Italy, Japan, the United Kingdom, and the United
States), the European Union, and Australia (the
“Price Cap Coalition”)
announced a long-awaited agreement to set the maximum
price for seaborne Russian-origin crude oil at US$60 a barrel,
effective December 5, 2022. Simultaneous with the effective date of
the price cap, the Price Cap Coalition banned a broad range of
services—including maritime insurance and trade
finance—related to the maritime transport (including the
transport itself) of crude oil of Russian Federation origin
(“Russian oil”) unless purchasers buy
the oil at or below US$60 a barrel. Those who purchase Russian oil
at or below the price cap will maintain access to a wide array of
Price Cap Coalition country
