Guidance

Changes to Oil Price Cap attestation model come into force

The United Kingdom and G7+ Coalition partners implement significant changes to the Oil Price Cap attestation model, strengthening the compliance regime.

From:
HM Treasury and Office of Financial Sanctions Implementation
Published
16 February 2024

Documents

UK Maritime Services Ban and Oil Price Cap: Industry Guidance

PDF, 1.49 MB, 50 pages

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Details

The G7+ Oil Price Cap Coalition have introduced changes to the attestation model to strengthen the compliance regime and reduce routes for circumvention.  

As part of our strong focus on increased compliance, Coalition members have published revised guidance on the Oil Price Cap. 

The important changes to the attestation process, namely the requirement for per-voyage attestations and itemised ancillary cost information upon request, will increase transparency and frustrate Russian efforts to circumvent the measure.

Published 16 February 2024