Price Cap Coalition Updates Maritime Advisory

1. The Price Cap Coalition, which includes G7 countries as well as the European Union, Australia, and New Zealand, has updated its advisory for both government and private sector actors involved in the global maritime industry. The updated advisory provides recommendations concerning specific best practices and reflects the Coalition's ongoing commitment to promoting responsible practices in the industry, disrupting sanctioned trade, and enhancing compliance with the price cap.

2. The Coalition published its original advisory on 12th October, 2023. This update provides stakeholders with new recommendations on meeting international obligations, enhancing due diligence around tanker sales, avoiding interactions with sanctioned counterparties, and raising internal awareness.

3. The Maritime Services Ban and Oil Price Cap have effect in Jersey by means of the Sanctions and Asset Freezing (Implementation of External Sanctions) (Jersey) Order 2021, which automatically implements all amendments to the UK Russia (Sanctions) (EU Exit) Regulations 2019 in Jersey.

Further Information

4. Industry guidance on the UK Maritime Services Ban and Oil Price Cap is published online by the UK's Office of Financial Sanctions Implementation (“OFSI").

5. For an up-to-date list of designated persons (including ships), please refer to the UK Sanctions List on GOV.UK

Enquiries

6. Non-media enquiries, sanctions compliance reporting, and licence applications should be emailed to the Financial Sanctions Implementation Unit at sanctions@gov.je.

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