The UK and US Governments, alongside the EU, have published respective guidance documents for firms in relation to the Oil Price Cap on refined products, which has now come into force.

The coordinated publications set forth further guidance on topics including:

• Key dates and timelines for the Price Cap’s implementation,
• Requirements for providers and firms, particularly regarding attestations and reporting.

Relevant firms should read the cross-jurisdiction guidance to further understand the ongoing Oil Price Cap implementation process and assess how they should operate accordingly.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1134398/5_Feb_OPC_Updated_OFSI_Guidance_FINAL.pdf

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

https://finance.ec.europa.eu/system/files/2023-02/guidance-russian-oil-price-cap_en.pdf