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G7 Coalition Approach to Oil Price Cap

01 February 2024
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G7 Coalition Approach to Oil Price Cap

The UK and its G7+ Coalition partners have issued an alert to support governments and the industry in driving price cap compliance and cracking down on evasion.

The compliance and enforcement alert builds on Guidance released since the oil price cap (OCP) began in December 2022.

Information is provided for industry stakeholders on:

  • Key OPC evasion methods alongside recommendations for identifying such methods and mitigating their risks and negative impacts; and
  • How to report OPC suspected breaches across the Price Cap Coalition.

Industry stakeholders involved in the trade of Russian oil and oil products should review the alert, and consider adopting its recommendations as to improve their compliance with the OPC and reduce their exposure to possible circumvention and evasion risks.
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