OFAC: UPDATES RELATED TO PRICE CAP ON RUSSIAN OIL

On 2 September, OFAC advised that G7 finance ministers re an intention to place a price cap on Russian crude oil and petroleum products.  OFAC anticipates publishing preliminary guidance on the implementation of the price cap in September.  The preliminary guidance will provide a high-level overview of this mechanism, including how US persons can comply, in advance of formal guidance and legal implementation to be issued at a later date.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220902_33

https://www.bundesfinanzministerium.de/Content/EN/Downloads/G7-G20/2022-09-02-g7-ministers-statement.pdf?__blob=publicationFile&v=7

https://home.treasury.gov/news/press-releases/jy0936

The EU also announced it would abide by the price cap –

https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_5327

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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