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US to Exempt Russia Oil Loaded Before Dec. 5 From Price Cap Plan

  • Cargoes must be unloaded by Jan. 19 to qualify for exemption
  • Treasury official says EU rules consistent with grace period
A tanker passes under a bridge after delivering a shipment of Russian diesel in Purfleet, U.K.

A tanker passes under a bridge after delivering a shipment of Russian diesel in Purfleet, U.K.

Photographer: Chris J. Ratcliffe/Bloomberg
Updated on

The US plan to cap the price of Russian oil sales, part of the broader international response to the invasion of Ukraine, will temporarily exempt shipments loaded before the Dec. 5 implementation date, offering some clarity to oil shippers, traders and investors.

The announcement, released Monday, answers one of several key outstanding questions about the plan, which was devised by the US Treasury Department -- what happens to shipments of Russian oil priced above the cap that were loaded before the deadline but remained en route when the regime comes into force.