Oil Price Cap amid OFAC’s recent sanctions and the Coalition’s new guidelines
20 October 2023

On 12 October, the Oil Price Cap Coalition – made up of Australia, Canada, the EU, France, Germany, Italy, Japan, the UK and the US – issued a statement to emphasise the risks of violating the Oil Price Cap Regime. The Coalition also published a maritime advisory to promote responsible practices in the maritime oil industry and enhance compliance with the price caps on crude oil and petroleum products.

On the same day, the Office of Foreign Assets Control (OFAC) issued its very first sanctions on vessels and their owners for violating the Oil Price Cap Regime. This is an important reminder that maritime oil industry operators will need to be sure they strictly adhere to the Coalition’s recommendations.

Our Shipping, Transport & Logistics Focus Team breaks down the Coalition’s new guidelines here.