Price cap for crude oil and petroleum products of Russian Federation Origin-Request for Attestation (No.2)

7 February 2023 No.22-026

Please refer to our previous circular No. 22-018 dated 5 December 2022.


On 6 February 2023, the price cap scheme has come into effect for Russian petroleum products as well. This circular is to inform Members of the summary of the price cap regime for petroleum products announced by the Japanese government.


Our association will, in principle, be prohibited from providing insurance services to vessels transporting Russian petroleum products that are sold above the "price cap" on or after 6 February 2023. The provision of insurance for vessels transporting petroleum products which are sold at or below the price cap (to countries where imports are not prohibited) will be allowed only after receiving a written declaration (attestation) in advance from the members.


  • The targeted cargoes are petroleum products (HS code 2710 except for waste oils).
  • The price cap for petroleum products is US$100.00 per barrel (for Premium to crude oil) or US$45.00 per barrel (for Discount to crude oil) as of 7 February 2023.


Premium to crude oil

Petroleum spirits (except for naphtha), Kerosenes and Gas oils among those falling under Items 2710.12, 2710.19 and 2710.20 of the Schedule to the Customs Tariff Act

Discount to crude oil Other than Premium to crude oil

* Code numbers and/or other description may differ in other countries participating in the price cap regime, but the classification of Premium to crude oil / Discount to crude oil is the same in each country.


  • The measure does not apply to Russian petroleum products that is loaded onto a vessel before 6 February 2023 and unloaded before 1 April 2023.


Members who may engage in the transportation of Russian petroleum products at or below the price cap on or after 6 February 2023 are requested to submit the attached Attestation to our association (PDF version is acceptable).


The ban on the provision of insurance for vessels transporting Russian crude oil, which was introduced on 5 December 2022, will also remain in place. Members who may engage in the transportation of Russian crude oil at or below the price cap but have not submitted Attestation are required to do so immediately. Please note that if the price of crude oil or petroleum products exceeds the price cap, our association cannot provide insurance services, except in particular cases approved by the Minister of Finance.