On November 3, 2022, a sixteenth amendment to the UK’s Russia sanctions regime was laid before parliament. The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 (“Amendment 16”) introduces a ban on UK ships and services such as insurance, brokerage and shipping facilitating the maritime transport of Russian crude oil from December 5, 2022. A General Licence is expected to be published shortly that lays the basis for an oil price cap exception, which will allow continued access to services provided that Russian crude oil is purchased at or below the price cap. The level of the price cap will be set by the price cap coalition of the G7 and Australia in due course. Amendment 16 brings forward the implementation date for the import bans relating to Russian oil and oil products discussed in our previous blog post (here) from December 31, 2022 to December 5. Amendment 16 also introduces a comparable ban on refined oil products, which will come into effect on February 5, 2023.
Continue Reading New UK Russia Sanctions Legislation Bans the Maritime Transport of Russian Oil