Rule2022-28153
Russian Harmful Foreign Activities Sanctions Regulations Determination
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 27, 2022
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing a price cap determination issued pursuant to an April 6, 2022 Executive order. The determination was previously issued on OFAC's website.
Full Text
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<title>Federal Register, Volume 87 Issue 247 (Tuesday, December 27, 2022)</title>
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[Federal Register Volume 87, Number 247 (Tuesday, December 27, 2022)]
[Rules and Regulations]
[Page 79255]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-28153]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 587
Russian Harmful Foreign Activities Sanctions Regulations
Determination
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of a determination.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing a price cap determination issued pursuant
to an April 6, 2022 Executive order. The determination was previously
issued on OFAC's website.
DATES: The Determination Pursuant to Sections l(a)(ii), l(b), and 5 of
Executive Order 14071 was issued on December 5, 2022.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>.
Background
On December 5, 2022, the Secretary of the Treasury, in consultation
with the Secretary of State, issued a determination pursuant to
sections l(a)(ii), l(b), and 5 of Executive Order 14071 to impose a
price cap on crude oil of Russian origin. The determination took effect
at 12:01 a.m. eastern standard time on December 5, 2022, and was
published on OFAC's website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>) on December 5, 2022.
The text of the determination is below.
Determination Pursant to Sections 1(a)(ii), 1(b), and 5 of Executive
Order 14071
Price Cap on Crude Oil of Russian Federation Origin
Pursuant to sections l(a)(ii), l(b), and 5 of Executive Order
(E.O.) 14071 of April 6, 2022 (``Prohibiting New Investment in and
Certain Services to the Russian Federation in Response to Continued
Russian Federation Aggression''), and the determination on November 21,
2022 made pursuant to sections l(a)(ii), l(b), and 5 of E.O. 14071
(``Prohibitions on Certain Services as They Relate to the Maritime
Transport of Crude Oil of Russian Federation Origin''), the Secretary
of the Treasury, in consultation with the Secretary of State, hereby
determines that, effective 12:01 a.m. eastern standard time on December
5, 2022, the price cap on crude oil of Russian Federation origin shall
be $60 per barrel.
Janet L. Yellen,
Secretary, U.S. Department of the Treasury.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2022-28153 Filed 12-23-22; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on December 27, 2022.
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