As we are nearing the one-year anniversary of the Russian oil price cap, this is an important reminder to operators across the industry that enforcement will be coming.
Continue Reading A little less conversation, more action
EU FAQs – STS in EU Territorial Waters
On 2 August 2023 evening, the EU Commission released new FAQs (here and here; word search “2 August 2023”). Of greatest interest are the two new FAQs in the “Oil Import” section, relating to STS activity relating to Russian oil and petroleum products, in EU territorial waters. We set out extracts of these two below.
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U.S. target Iran’s oil trade and China’s involvement in the Middle East
Although 2021 has predominantly been referred to as the “year of Russia” in terms of sanctions, the collapse of nuclear talks (JCPOA) as well as the social repression in the country have also shifted the focus to Iran, to some degree.
While designating members of the Islamic Revolutionary Guards Forces (IRGF) as Specially Designated Nationals
Price cap for petroleum products implemented
The UK, EU and U.S. have each published the relevant price cap for petroleum products falling under HS/CN Code 2710 that are of Russian origin or consigned or exported from Russia to non-G7 countries (Restricted Petroleum Products), and have also updated their guidance on the scope and practical implementation of the price cap restrictions. We
UK, EU and US Publish Guidance on Russian Oil Price Cap Restrictions
This client alert provides an update on the guidance published by the UK, EU and US on the relevant price cap for oil products of Russian origin, which apply from 5 February 2023. The alert explains the exceptions for non-Russian oil products, types of transactions and scenarios the price cap applies to, the “tier” list
UK, EU and US set price cap on Russian crude oil ahead of maritime services ban
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
UK imposes oil price cap ban for maritime transport and services
The UK introduces a prohibition on maritime services for the supply or delivery of Russian origin or Russian consigned oil.
Continue Reading UK imposes oil price cap ban for maritime transport and services
A review of the latest UK sanctions against Russia and how they align with the EU’s measures
In response to the on-going war in Ukraine, the UK enacted several new sanctions against Russia on July 21, 2022. These sanctions are far-reaching and will place restrictions on a variety of industries such as oil, insurance, energy, gold, and coal, as well as to the provision of professional and business services to Russia.
While
The EU’s sixth package of sanctions against Russia has been formally adopted: what do you need to know?
The EU has now formally adopted its long-awaited sixth package of sanctions against Russia. In our latest client alert, we outline the key points that you need to know, including:
- Oil import restrictions;
- Oil transport services and insurance;
- Financial and business services measures;
- Broadcasting suspension;
- Export restrictions; and
- The further individuals and entities listed.
Read
What will be the impact of the EU and UK ban on Russian oil and insurance?
The European Union (EU) agreed the sixth package of sanctions against Russia on 31 May 2022. The sixth package includes an embargo on Russian oil and a ban on insuring ships carrying Russian oil. At this stage, the specifics of the sanctions are still being debated, but they are expected to be released later this