Guidance
G7+ Coalition targets price cap evasion with tighter compliance rules
The United Kingdom and G7+ Coalition partners announce stricter compliance requirements in updated industry guidance in push to tackle oil price cap violations.
Documents
Details
- A little over a year after the implementation of the price cap on crude oil, the regime has successfully supported stable energy markets while constraining Russian revenues which could otherwise fund its illegal war in Ukraine.
- The G7+ Coalition takes allegations of price cap violations very seriously.
- As part of our strong focus on increased compliance, Coalition members have published revised guidance on the oil price cap.
- These changes will further frustrate Russian efforts to circumvent the measure, and raise costs for Russian exporters who are unwilling to sell oil under the cap.
Published 20 December 2023