This circular highlight recent key developments in the sanctions imposed against Russia by the UK, EU and US. The Price Cap Members should refer to the Club’s circular on the Russian oil/petroleum price cap of December 2022 updated in February 2023 for details of the Price Cap scheme which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes.
Retention and sharing of attestations have been a feature of compliance with the Price Cap scheme since it was introduced. Changes to this attestation model have now been announced. The Price Cap Coalition (G7, Australia and the EU) has published a statement of updates to the Price Cap rules Coalition-Statement-on-Price-Cap-Rule-Updates.pdf (treasury.gov).
The changes are designed to support the implementation of the Price Cap and disrupt circumvention by reducing opportunities for bad actors to use opaque shipping costs to disguise oil purchased above the cap. These changes will come into effect on 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU).
Full advisory at the following link: