US media: In order to calm market worries, the United States set a "buffer period" for limiting the price of Russian oil

According to the website of the Wall Street Journal on October 31, the US Treasury Department said that ships loaded with Russian oil before December 5 will not be affected
by the price ceiling of Russian oil led by the United States.
Washington is trying to assuage anxious oil market concerns
about its new sanctions program.

Starting Dec.
5, the United States and its allies will ban domestic companies from providing seaborne services for Russian oil shipments unless the price of the oil is below a set ceiling
.

But the implementation of the plan faces delays, creating uncertainty
in the oil market.
Traders, insurers, banks and shippers are already dealing with Russian oil scheduled for December delivery, as shipments from Russian ports in the Baltic Sea can take 45 to 60 days to reach Asian buyers
.

In an effort to address oil market participants' concerns about the planned schedule, new guidance from the U.
S.
Treasury Department states that Russian oil cargoes loaded before Dec.
5 and unloaded by Jan.
19, 2023 will not be affected
by the price cap.
Russian oil loaded on or after Dec.
5 still needs to be sold at a price not higher than the ceiling to access Western insurance, financing and shipping services
.

In the view of U.
S.
officials, such a price cap would both keep Russian oil supplied on the global market while avoiding a reduction in supply — while still reducing Russia's oil sales revenue
.
They saw the move as a way to ease EU sanctions, a total ban on insurance and funding for Russian oil, a move that U.
S.
officials fear could push up global oil prices
.

U.
S.
officials had tried to announce a cap on oil prices by mid-October, but production cuts by OPEC and its allies allied with Russia slowed
negotiations on the topic, according to people familiar with the matter.