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
The EU has introduced further economic and individual sanctions against Russia on Friday, December 16th, in response to the ongoing conflict in Ukraine and the annexation of Ukraine’s Donetsk, Luhansk, Zaporizhzhia, and Kherson regions. This is the ninth sanctions package since the conflict began in February 2022. The latest package extends the lists of restricted
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
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
In order to help mitigate food and energy insecurity, the EU published new FAQs on September 19, 2022. These FAQs reversed the recent restrictions that prohibited the transfer of coal, fertilizer, and other essential goods originating from Russia to third countries. Through this reversal, the EU has confirmed that the transfer of certain goods, such
In their latest FAQs, the EU clarifies that the ban placed on coal products exported from Russia includes a prohibition on products destined for non-EU members. Until this point, it was widely interpreted that the purchase, import, or transfer of Russian-origin coal was restricted only for purchases destined for EU member states.
Taking into account
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