Announcement
07 Dec 2022
On 7 December 2022, the Australian government announced the implementation of a price cap of USD 60 per barrel on Russian crude oil.
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Number of interventions
1
1 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
07 Dec 2022
Revocation date:
17 Sep 2025
Announced: 07 Dec 2022
Controls on commercial transactions and investment instruments
On 7 December 2022, the government of Australia prohibited the provision of certain financial services related to the maritime transportation of Russian oil above the price cap of USD 60 per barrel. T...
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Related State Acts
Removed: 24 Feb 2026
Australia: Government lowers price cap on Russian crude oil and imposes sanctions on 95 vessels (September 2025)
Announced: 24 Feb 2023
Australia: Imposition of USD 100 per barrel price cap on Russian seaborne petroleum products
Announced: 27 Dec 2022
Russia: Prohibition of oil exportation to buyers following the price cap
Removed: 02 Sep 2025
Switzerland: Provision of financial and transport services related to Russian oil above USD 60 per barrel prohibited and 2 Iranian military drone manufacturers added to the frozen fund list
Announced: 03 Dec 2022
EU: Operators prohibited from providing financial and transport services related to Russian oil above USD 60 per barrel
Announced: 02 Dec 2022
United States of America: Department of Treasury bans providing services facilitating the maritime transport of Russian oil above USD 60 per barrel
Announced: 02 Dec 2022
United Kingdom: HM Treasury prohibits the provision of services facilitating the maritime transport of Russian oil above USD 60 per barrel
Announced: 11 Mar 2022
Australia: Government bans imports of Russian oil and other energy products
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