Oil Price Cap Coalition Issues Compliance and Enforcement Alert

Compliance and Enforcement Alert: Oil Price Cap

1. Today, 1 February 2024, the UK Government, in a coordinated effort with its G7+ Coalition partners, has issued an enforcement alert to support governments and industry strengthen Russian Oil Price Cap compliance, and crack down on evasion.

The Price Cap Coalition takes a proactive compliance and enforcement approach. This includes supporting governments and industry stakeholders to improve their compliance with the Oil Price Cap (OPC), identifying suspected evasion and breaches of the OPC, and taking robust enforcement action where necessary.

2. This alert includes:

• ​an overview of key OPC evasion methods and recommendations for identifying such methods and mitigating their risks and negative impacts

• information on how to report OPC suspected breaches across the Price Cap Coalition

3. The OPC evasion methods covered in this alert are related to:

• falsified documentation and attestations

• opaque shipping and ancillary costs

• third country supply chain intermediaries and complex and irregular corporate structures

• flagging

• the “shadow" fleet

• voyage irregularities

Further Information

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

​5. Find more information on sanctions or on the Oil Price Cap on Russian crude oil.

Enquiries 

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

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