Guidance

G7+ Coalition issue strong statement on Russian maritime oil trade

The United Kingdom and G7+ Coalition partners announce renewed efforts to support compliance and enforcement of the Russian Oil Price Cap.

From:
HM Treasury and Office of Financial Sanctions Implementation
Published
12 October 2023

Documents

Price Cap Coalition Advisory for the Maritime Oil Industry and Related Sectors October 2023

PDF, 263 KB, 5 pages

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Coalition Designations Support Statement October 2023

PDF, 178 KB, 2 pages

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Details

Over a year after the G7 Finance Ministers agreed to establish price caps on seaborne Russian oil, the Price Cap Coalition remains committed to ensuring the measure is implemented and enforced effectively.

The Coalition’s new Maritime Safety Advisory will help industry stakeholders reduce risks while promoting the safe flow of oil on the global market.

Action is being taken to impose sanctions on entities whose vessels carried Russian oil sold above the price cap.

Coalition members will continue to work closely with industry to implement the price cap and take action as appropriate if industry participants are found to have breached sanctions.

Published 12 October 2023