The UK, EU and U.S. have each released information on the relevant price cap for oil products with HS/CN Code 2709 of Russian origin or exported from Russia shortly before the ban on maritime services for the transportation of Russian crude oil on December 5th, 2022. This announcement follows the publication of the UK’s “Maritime Services Prohibition and Oil Price Cap Guidance” and OFAC’s equivalent guidance in September 2022. This client alert focuses on the recently announced oil price cap and restrictions on maritime services.
Commentary and analysis by Reed Smith lawyers on the latest developments in trade, sanctions and export controls