Price Cap Coalition puts tanker sales in focus, urging vigilance for ‘evasive or illicit’ buyers
The Price Cap Coalition is urging vigilance for ‘evasive or illicit’ buyers as it brings the focus of its sanctions on Russian oil to tanker sales.
The coalition, which includes the United States, the United Kingdom, and the European Union, is concerned that Russian oil could be sold to buyers who are trying to evade the price cap or engage in other illicit activities.
The coalition's statement comes as the price cap on Russian oil is set to take effect on December 5. The cap is designed to limit the amount of money that Russia can earn from its oil exports, which are a major source of revenue for the Russian government.
The coalition is urging all parties involved in the tanker sales process to be vigilant for signs of evasion or illicit activity.
This includes ship owners, operators, and charterers, as well as buyers and sellers of oil.
The coalition has also developed a set of guidelines to help parties involved in tanker sales comply with the price cap. These guidelines include:
- Conducting due diligence on all parties involved in the transaction.
- Obtaining written confirmation that the oil is not subject to the price cap.
- Maintaining records of all transactions for at least five years.
The coalition is also encouraging parties involved in tanker sales to report any suspicious activity to the relevant authorities.
The coalition's focus on tanker sales is a significant step in its efforts to enforce the price cap on Russian oil.
By targeting this key part of the oil supply chain, the coalition is making it more difficult for Russia to sell its oil and earn revenue from its exports.
The coalition's efforts are also likely to have a ripple effect on the global oil market. The price cap could lead to a decrease in the global supply of oil, which could in turn lead to higher prices for consumers.
The coalition's actions are a reminder that the war in Ukraine is having a major impact on the global economy.
