Price Cap Coalition: Updated Advisory for Maritime Industry Aims to Prevent Sanctions Evasion

New guidance provides clarity on implementation of price cap on Russian oil

The Price Cap Coalition, a group of countries committed to implementing a price cap on Russian oil, has issued an updated advisory for the maritime industry to prevent sanctions evasion. The advisory provides clarity on the implementation of the price cap and outlines the measures that the Coalition will take to enforce it.

Key points of the advisory

The updated advisory includes the following key points:

• The price cap will be implemented on December 5, 2022.
• The price cap will apply to all Russian oil, regardless of its destination.
• The price cap will be enforced by a combination of measures, including financial sanctions, asset freezes, and travel bans.
• The Coalition will work with the maritime industry to ensure that the price cap is implemented effectively.

Implications for the maritime industry

The updated advisory has significant implications for the maritime industry. Shipowners and operators will need to take steps to ensure that they are not involved in the transportation of Russian oil that is sold above the price cap. This may involve conducting due diligence on their customers and ensuring that they have adequate insurance coverage.

Conclusion

The updated advisory from the Price Cap Coalition is a significant step in the implementation of the price cap on Russian oil. The Coalition has provided clarity on the implementation of the price cap and outlined the measures that it will take to enforce it. The maritime industry will need to take steps to ensure that it is not involved in the transportation of Russian oil that is sold above the price cap.