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U.S. sets price cap on Russian Federation crude oil

The Secretary of the Treasury, in consultation with the Secretary of State, has made a Determination under Executive Order 14071 to impose a price cap on crude oil originating in the Russian Federation.

Under the Determination, effective 12:01 a.m. EST, December 5, 2022, the price cap on crude oil of Russian Federation origin shall be $60 per barrel.

The Treasury Department also issued a Statement by Secretary of the Treasury Janet L. Yellen on the announcement of the price cap, and a Fact Sheet on "Limiting Kremlin Revenues and Stabilizing Global Energy Supply with a Price Cap on Russian Oil."

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