UK Issues Oil Price Cap Advisory

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Oil Price Cap (OPC) Advisory: Evasion Linked to Product Origin Manipulation

1. The UK's Office of Financial Sanctions Implementation (OFSI) has identified instances where shipments of Russian origin oil and oil products have been manipulated to appear as non-Russian through the use of fabricated or falsified certificates of origin (CO).

2. On 21 November 2024 OFSI issued an advisory which includes an overview of red flags to identify such activity and potential mitigation measures which may help UK and Jersey entities protect themselves against this.

3. This advisory is aimed to assist industry stakeholders including: 

• When they conduct due diligence of their customers (direct or in a chain) that have exposure to Russian oil trade, before signing contracts, for activity during the contract, and in relation to contract renewal 
• Where particular shipments have displayed suspicious activity and/or sanctions evasion red flags and the validity of a shipment and/or transaction needs to be assessed and verified to ensure that it is price cap compliant 
• When doing spot checks of particular shipments and transactions to determine whether they are price cap compliant
  

​Further Information

​4. Full details of the OPC Advisory can be found on the Gov.UK website​.

5. This advisory should be read in conjunction with other related guidance including: 

• OFSI Maritime Services Ban and OPC Industry Guidance
  

• OFSI Financial Sanctions Guidance for Maritime Shipping

• G7+ Coalition OPC Compliance and Enforcement Alert

• G7+ Coalition Maritime Services Advisory

6. UK guidance on the Price Cap Coalition – Oil Price Cap (OPC) Compliance and Enforcement Alert.

7. More information on sanctions or on the Oil Price Cap on Russian crude oil.

Enquiries 

8. Any questions about this notice should be addressed to the Financial Sanctions Implementation Unit by email to sanctions@gov.je.

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