Sanctions update: EU and UK price caps to hit insurers and other sectors
Fiona Mckay
On 5 February, the EU and UK brought into force price caps agreed by the G7 on refined petroleum products to limit Russia’s oil revenue. The price cap measures complement existing prohibitions on Russian originating products into the UK and EU markets. They also mirror a similar cap for crude oil products in effect since 5 December. The caps affect the transportation of these products from the EU or UK to third countries. They target insurance, shipping, and other companies that finance, trade, broker, or carry Russian crude and oil products en route to third countries, where purchases have exceeded the price limit. The UK has laid down detailed guidance and provided an attestation process requiring different actors in the oil supply chain to effect and record due diligence on trading partners.
This article by Paul Henty provides further information on the measures and the steps affected businesses need to take.
Please click HERE to read the full article.
