G7 AGREES COMPREHENSIVE BAN ON SERVICES WHICH ENABLE MARITIME TRANSPORTATION OF RUSSIAN-ORIGIN CRUDE OIL AND PETROLEUM PRODUCTS

On 7 September, the EU Sanctions blog reported on a statement from the G7 issued on 2 September. The services ban would not apply if the products are purchased at or below a ‘price cap’, which is yet to be determined.  The G7 also announced mitigation mechanisms to ensure that the most vulnerable and impacted countries maintain access to energy markets.

https://www.europeansanctions.com/2022/09/g7-finance-ministers-announce-service-ban-on-maritime-transport-of-russian-origin-oil/

https://www.bundesfinanzministerium.de/Content/DE/Downloads/Internationales-Finanzmarkt/G7/2022-09-02-erklaerung-der-g7-finanzminister.pdf?

https://foreignpolicy.com/2022/09/06/russia-oil-price-cap-putin-war-sanctions-energy-g7-europe-crisis/

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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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