OFAC: GUIDANCE ON IMPLEMENTATION OF THE PRICE CAP POLICY FOR RUSSIAN CRUDE OIL AND PETROLEUM PRODUCTS AND RELATED GENERAL LICENSES

On 3 February, OFAC issued guidance on how the new price cap mechanism works, which includes an exemption for product from Sakhalin, provided that all oil is destined for Japan, for certain EU states and for emergency services for vessels – General Licences 56a and 57a refer. 

https://home.treasury.gov/system/files/126/price_cap_determination_20230203.pdf

https://home.treasury.gov/system/files/126/price_cap_guidance_combined_20230203.pdf

https://home.treasury.gov/system/files/126/russia_gl56a.pdf

https://home.treasury.gov/system/files/126/russia_gl57a.pdf

https://www.buymeacoffee.com/KoIvM842y

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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