The embargo on Russian oil shipments from Russia and the Russian oil price cap came into force on December 5. On December 5, an embargo on sea shipments of oil from Russia and Russian oil price cap came into force.

This is now the most relevant oil price cap news. Now ships carrying Russian crude will be able to access Western insurers only if the crude is sold at $60 a barrel or lower. According to four oil industry representatives, Turkey has demanded a new insurance confirmation because of the price cap.

According to ship brokers, oil traders and satellite tracking services, about 19 tankers carrying Crude Oil piled up in Turkish waters on Monday, Dec. 5. According to a ship broker, the first tanker arrived as early as Nov. 29. According to information from ship brokers and the tankertrackers.com service, most of the oil is of Kazakh origin.

Since December 5, price limits for Russian oil have come into force; the limit is $60 per barrel. The price ceiling was agreed by the G7 countries (USA, Great Britain, Germany, France, Canada, Italy and Japan), as well as Australia and the European Union. Besides, the European embargo on deliveries of Russian crude oil by sea became effective. As explained in the U.S. Treasury, now, Russia has two choices: to supply crude oil under the price ceiling, using the services of “best in class” companies of G7 countries, or to use the expensive services of “less reliable” companies outside the G7.

The Kremlin declined to acknowledge any limits. According to Russian presidential spokesperson Dmitry Peskov, a decision on retaliatory measures is “being prepared. He called the West’s actions “a step towards destabilizing world energy markets. The Russian side has repeatedly warned that it will stop supplying energy resources to countries that limit the price.

Earlier we reported that the G7 countries support limiting the price of Russian oil.