Guidance on Russian Sanctions and General Due Diligence
Year: 2025 Language: English Author: Intertanko Genre: Instruction Publisher: Intertanko Edition: 1st edition Format: PDF Quality: eBook Pages count: 7 Description: On 2 September 2022 the Group of Seven (G7) finance ministers released a statement confirming their intention to implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally. The United States of America (US), European Union (EU) and United Kingdom (UK) subsequently introduced various legislation to prohibit the transportation of Russian-origin crude oil and petroleum products, unless the products are purchased at or below certain prices. The oil price cap (OPC), introduced by the “Price Cap Coalition” (or “G7+ Coalition”, comprising the G7, the EU, and Australia) has three main purposes: • To maintain the supply of Russian oil to world markets. • To reduce the upward pressure on world oil prices; and • To reduce Russia's earnings. Alongside the legislation, the Price Cap Coalition, the US Department of the Treasury's Office of Foreign Assets Controls (OFAC), the EU Commission, and the UK Office of Financial Sanctions Implementation (OFSI) and Departments for Business & Trade (DBT) and Energy Security & Net Zero (DESNZ) have released guidance and FAQs to help interpretation of the legislation. Additional info: The US, EU and UK have published guidance on the due diligence that is required from industry participants when providing maritime transport services for Russian-origin crude oil and petroleum products. Following the issuance of the Coalition Statement (https://tinyurl.com/4pjhrd2b) on Price Cap Rule Updates on 20 December 2023 by the Price Cap Coalition, new rules took effect on 19 February 2024 under UK and US regulations and for cargo loaded as of 20 February 2024 under EU regulations. Two significant requirements are that attestations are now provided on a per voyage basis, rather than annually, and that itemized price information for ancillary costs is provided upon request.
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Guidance on Russian Sanctions and General Due Diligence
Language: English
Author: Intertanko
Genre: Instruction
Publisher: Intertanko
Edition: 1st edition
Format: PDF
Quality: eBook
Pages count: 7
Description: On 2 September 2022 the Group of Seven (G7) finance ministers released a statement confirming their intention to implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally. The United States of America (US), European Union (EU) and United
Kingdom (UK) subsequently introduced various legislation to prohibit the transportation of Russian-origin crude oil and petroleum products, unless the products are purchased at or below certain prices.
The oil price cap (OPC), introduced by the “Price Cap Coalition” (or “G7+ Coalition”, comprising the G7, the EU, and Australia) has three main purposes:
• To maintain the supply of Russian oil to world markets.
• To reduce the upward pressure on world oil prices; and
• To reduce Russia's earnings.
Alongside the legislation, the Price Cap Coalition, the US Department of the Treasury's Office of Foreign Assets Controls (OFAC), the EU Commission, and the UK Office of Financial Sanctions Implementation (OFSI) and Departments for Business & Trade (DBT) and Energy Security & Net Zero (DESNZ) have released guidance and
FAQs to help interpretation of the legislation.
Additional info: The US, EU and UK have published guidance on the due diligence that is required from industry participants when providing maritime transport services for Russian-origin crude oil and petroleum products.
Following the issuance of the Coalition Statement (https://tinyurl.com/4pjhrd2b) on Price Cap Rule Updates on 20 December 2023 by the Price Cap Coalition, new rules took effect on 19 February 2024 under UK and US regulations and for cargo loaded as of 20 February 2024 under EU regulations.
Two significant requirements are that attestations are now provided on a per voyage basis, rather than annually, and that itemized price information for ancillary costs is provided upon request.
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