[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 [www.gpo.gov]
[FR Doc No: 2022-28153]


=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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: www.treas.gov/ofac.

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 (www.treas.gov/ofac) 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