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Clifford Chance

Clifford Chance


All Together Now: OFAC Issues Combined Price Gap Guidance

February 7, 2023

On February 3, 2023, OFAC issued its combined "Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin" ("Combined Price Cap Guidance") along with a new "determination," setting the price cap as of February 5, 2023, at $45 per barrel for Discount to Crude petroleum products and $100 per barrel for Premium to Crude petroleum products of Russian Federation origin.

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