On 14 November, OFSI published a post about the comprehensive sanctions on Russia’s most lucrative export: crude oil and refined oil products.  The aim of introducing a price cap, the level of which will be determined by coalition countries, is to reduce Russian oil revenues and Russia´s ability to fund its illegal war in Ukraine through inflated global oil prices, whilst enabling oil to continue to flow to the third countries that need it.  The maritime services ban and its price cap exception for crude oil will come into effect from 5 December, with the equivalent restrictions and exception for refined oil products coming into force from 5 February.

HM Treasury has also issued Guidance on the restrictions.

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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