Statement of the G7 and Australia on Actions Taken to Enforce Price Caps for Seaborne Russian-Origin Oil and Petroleum Products

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Notes:

1) Read in conjunction with Statement of the G7 and Australia on Actions Taken to Enforce Price Caps for Seaborne Russian-Origin Oil and Petroleum Products and Treasury Sanctions Entities for Transporting Oil Sold Above the Coalition Price Cap to Restrict Russia’s War Machine, both issued on the same day as this advisory.

As is typical for “advisories” generally, this document does not do much in the way of providing guidance on the scope of substantive provisions, but it does appear to set out a number of due diligence expectations the meeting of which are likely to impact eligibility for the “safe harbor” described at section III of OFAC Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin (February 3, 2023). This statement, albeit one issued by multiple...

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Statement of the G7 and Australia on Actions Taken to Enforce Price Caps for Seaborne Russian-Origin Oil and Petroleum Products

TURBOFAC Commentary (160 words)