Following the recent introduction of the oil price cap exemption and the price cap coalition agreed by the G7, the US, the EU and Australia – and after a long and complicated debate between members of the price cap coalition – a decision has finally been made on the price cap amount.
The EU’s press release published on 3 December summarises the agreement reached on the price cap, and more details on exemptions from the price cap are available in the EU’s guidelines, which closely mirror those issued by the UK and the US.
Now that the price cap has finally been set, questions abound: What will the effects be and what are the key takeaways of the new sanctionatory regime? What are the key dates to keep in mind? And what are the next steps for EU operators in line with the specificities of their business and related risk exposure?