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Japanese companies will require confirmation of the price of Russian oil for each cargo

Russia (bbabo.net), - The Japanese government is tightening the requirements for the participation of Japanese companies in the transportation of Russian oil. Tokyo obliges them to obtain declarations from importers about the compliance of the price of raw materials with the cost ceiling set by the G7 countries and the EU at $60 per barrel for each cargo.

From February 20, Japanese shipowners and insurance companies providing services for the transportation of Russian oil must require a declaration from customers that they comply with the G7 price ceiling for each shipment. This was reported by the Japanese Nikkei.

“If the price is specified in the contract, then a declaration is not required. Until now, insurers and other companies were required to receive a declaration for each period of transportation and insurance contracts,” the publication writes.

Importers suspected of exceeding the maximum price will be required by the Japanese government to provide a breakdown of costs, including transportation, insurance..., continues Nikkei.

On December 5, 2022, the G7 countries, including Japan, and the EU set a ceiling on the price of Russian oil for third countries at $60 per barrel. Only if the limit is observed, companies from states that have imposed sanctions can provide services for the transportation of sanctioned raw materials. After this, most of the oil was transferred to the shadow fleet and insurance companies of other countries, but the delivery of significant volumes is still provided by Western countries. At the same time, as the Russian Ministry of Finance reported, since July 2023, the cost of the most popular Russian Urals variety has exceeded $60 and the average price for the year was $62.

Japan does not say what role local companies play in transporting oil from Russia. However, the Far Eastern direction may be the most sensitive, since the most expensive grades of Russian oil are exported there. Their cost has always been above the price ceiling.

Japan itself is exempt from the price limit when importing oil from the Sakhalin-2 project.

Japanese companies will require confirmation of the price of Russian oil for each cargo