On November 14, 2022, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) published detailed guidance on the recently published ban on the provision of maritime transportation of Russian oil and oil products and related services (“OFSI Guidance”). The OFSI Guidance sets out additional details regarding how the oil price cap exception will operate as well as the attestation process and reporting obligations with which all parties involved in the maritime supply chain will need to comply. The OFSI Guidance also addresses OFSI’s proposed approach to enforcement of the new ban. For more information on the ban on the maritime transportation of Russian oil and oil products and related services, see our previous blog post (here).
Continue Reading OFSI Publishes Guidance on the UK Maritime Services Prohibition and Oil Price Cap