OFSI issues a new Oil Price Cap Advisory

The United Kingdom recently issued an Oil Price Cap (OPC) advisory related to the UK’s ban on the maritime transportation of Russian oil and oil products and associated services.  The advisory was issued after the Office of Financial Sanctions Implementation identified instances where certain shipments of Russian oil were manipulated to appear as non-Russian through the use of fabricated of falsified certificates of origin.  The advisory is intended to help industry stakeholders identify red flags that may indicate the use of this evasion method and best practices that UK entities can implement to protect against this form of evasion.  The advisory also includes guidance on how to assess and verify that transactions are price cap compliant.

OFSI’s Oil Price Cap (OPC) Advisory