OFSI have released guidance regarding the UK’s ban on Russian oil and national price cap restrictions. In line with steps taken by international partners across the G7, EU, and Australia, the UK’s guidance:
- Prohibits the import of Russian oil and oil products;
- Prohibits the maritime transportation of Russian oil, alongside its facilitation;
- Implements a coordinated price cap exemption for the use of UK services by third countries.
A key component of global sanctions measures aims to limit Russia’s involvement in global markets. Firms operating particularly within the petroleum and maritime spheres should continue to stay up to date on OFSI regulations.