Norway has introduced a price cap of USD 60 per barrel for crude oil originating in or exported from Russia, and has incorporated this into the sanctions legislation. This corresponds to the price cap adopted by the EU and the G7 countries. The oil price cap is intended to reduce Russia’s revenues from the sale of crude oil to third countries.
The purpose of the wide-ranging packages of sanctions is to reduce Russia’s ability to finance its illegal war in Ukraine.
‘Norway is continuing to act in concert with the EU and other allies to impose sanctions on Russia to maintain pressure on the Russian Government and its supporters,’ said Minister of Foreign Affairs Anniken Huitfeldt.
A prohibition on the import, purchase and transfer of Russian oil to Norway, the EU and third countries entered into force as of 5 December. In connection with the implementation of the oil price cap, an exemption will now apply to the provisions prohibiting technical assistance, brokering services, financing or financial assistance for the transport, trade and brokering of Russian crude oil. The exemption applies to crude oil sold below the designated price cap.
Amendments have also been made to the sanctions regulation (Norwegian only) in order to further clarify the provisions regarding the prohibition of the above-mentioned services, including by defining the responsibilities of operators. New provisions relating to transition periods have been introduced.