Oil Services Ban and Price Cap information
The UK, in partnership with the G7 countries, Australia and the European Union, have agreed to set the price cap on Russian crude oil traded by firms shipping oil to third countries at USD$60. This price will be kept under review. The UK and its coalition partners will only provide services facilitating the maritime transport of Russian oil if firms trade at or below this cap.
In line with this agreement, the Oil Price Cap on Russian crude oil comes into effect on 5 December, and the Oil Price Cap on Russian refined oil products on 5 February. General Licences to facilitate the Oil Price Cap can be found below. This includes a wind-down General Licence which permits contracts to ship Russian oil traded at a point above the price cap where the Russian oil is loaded before 5 December 2022 and unloaded at the destination port by 19 January 2023.
Following extensive industry engagement, OFSI has released updated guidance on the Oil Price Cap, which can be found below.
Bespoke forms for required reporting, suspected breaches, and specific licence application forms are available below. Any reporting or queries should be directed to oilpricecap.OFSI@hmtreasury.gov.uk
OFSI Notice
Links:
OFSI Russian Oil Services Ban page – containing
- Industry Guidance
- General Licences
- Reporting forms
- Notification of unconfirmed compliance with OFSI reporting requirement Form
- Sample Attestation Form
- Licence Application Form
- Emergency Exception Notification form
- Breach reporting form
Categories: Guidance Licenses OFSI Updates Oil Price Cap Russia sanctions Wind Down Activities
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