Russian Oil Price Cap Introduced – Liechtenstein
VADUZ – The government is following the financial, commodity and trade sanctions against Russia that the EU decided on December 16. In addition, it independently understood the detailed regulations on the price cap for crude oil, petroleum and oil from bituminous materials. The government is thus consistently continuing its previous policy.
On December 16, the EU issued a ninth package of measures against Russia. With this they are reacting to the recent escalation of Russia’s war of aggression in Ukraine and the targeted destruction of critical civilian infrastructure throughout Ukraine.
According to the government, the newly listed people include high-ranking representatives of the Russian military, members of the State Duma, the Federation Council and the Russian Constitutional Court, ministers and governors. The list also includes people responsible for rocket attacks on civilians and civilian critical infrastructure, as well as kidnappings and illegal adoptions of Ukrainian children. Additionally, the sanctions list also includes family members of those already subject to sanctions, popular public figures responsible for propaganda and disinformation, and persons responsible for looting of Ukraine’s agricultural products.
According to the release, the listed organizations include banks, defense and other industrial companies, several political parties, including the Russian presidential party “United Russia”, Russian media companies that are under government control and para-recognized groups.
Food Exceptions
To ensure global food security, the EU has decided to introduce a new derogation. This allows frozen specific individuals who played a role in international trade in agricultural and food products prior to their listing to be released and made funds and economic resources available to them.
According to its own statements, the government decided on further measures: for example an exception in connection with the ban on the transport of Russian crude oil and petroleum products by sea to third countries and the associated provision of technical assistance, brokerage services or financial resources or aid. The EU approved these measures on December 3, along with a price cap on crude oil, petroleum and oil from bituminous minerals originating in or exported from Russia. Liechtenstein already implemented the upper limit for crude oil, petroleum and oil from bituminous minerals on December 13.