US to sanction buyers ignoring price cap on Russian oil

The US is threatening to impose sanctions on buyers of Russian oil that rely on Western services and do not comply with the price cap proposed by the G7 countries.

In guidance released Friday, the US Treasury said that those who make "significant purchases of oil above the price cap," as well as those who provide false information about these purchases, "may be a target for for a sanctions enforcement action."

While the US has said it could impose sanctions on anyone failing to abide by the price cap, it also noted that service providers that were misled would not face liability, as long as they complied with rigorous record-keeping requirements.