UK Releases Update, Guidance on Russia Oil Price Cap, Maritime Services Ban
The U.K.'s Office of Financial Sanctions Implementation on Nov. 14 released a blog post and guidance on the Russian oil price cap. The post coincides with the introduction of the maritime services ban and the price cap exception for crude oil. OFSI said that a General License creating the price cap will be released before Dec. 5 and that additional licenses to "ensure international alignment and the smooth operation of the Price Cap will also be published" before Dec. 5.
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The guidance said the restrictions will prevent U.K. citizens from supplying or delivering oil or oil products from Russia to a third country or from a third country to another third country, and from providing financial services to anyone who is supplying or delivering oil and oil products by ship from Russia to a third country or from a third country to another third country. The maritime transportation ban bars the supply or delivery of oil and oil products by ship from Russia to a third country or from a third country to another third country, including the transfer of goods between ships. "A person supplying or delivering the oil or oil products includes a person who owns, controls, charters or operates a ship," the U.K. Treasury said. The guidance has sections on how the bans will be implemented and enforced, exceptions and licensing, how attestation works, reporting and key definitions.