U.S. To Offer Oil Product Cargos Grace Period For Price Cap

The United States Treasury Department will grant oil product cargo from a grace period when it goes into effect next year, Reuters said on Thursday. The price cap on Russian crude oil shipments went into effect on December 5, but the price cap on Russian petroleum products such as gasoline and diesel won’t go into effect until February 5. But now, the United States said there would be a grace period for those shipments in order to provide time for them to arrive at their destination before running afoul of sanctions. For Russian oil product…