WASHINGTON—The Treasury Department released early guidance on how oil traders, financial institutions and insurers can comply with a cap on the price of Russian oil, as the U.S. and its allies move ahead with implementing a novel sanctions design.
In guidance to market participants released Friday evening, the Treasury Department delineated the steps firms will need to take to comply with the cap and offered guidance on how to detect evasion. The cap will go into effect Dec. 5, 2022, for Russian crude and Feb. 5, 2023, for refined products, the Treasury said.
