Guidance

G7+ Coalition signals renewed enforcement approach to oil price cap

The United Kingdom and G7+ Coalition partners issue alert to support governments and industry in effort to drive price cap compliance and crack down on evasion.

• From: HM Treasury and Office of Financial Sanctions Implementation
• Published: 1 February 2024

Documents

OPC Coalition Compliance and Enforcement Alert

PDF, 111 KB, 6 pages

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Details

The G7+ Oil Price Cap Coalition takes a proactive compliance and enforcement approach. This includes supporting governments and industry stakeholders to improve their compliance with the oil price cap (OPC), identifying suspected evasion and breaches of the OPC, and taking robust enforcement action where necessary. This alert includes an overview of key OPC evasion methods and recommendations for identifying such methods and mitigating their risks and negative impacts; and information on how to report OPC suspected breaches across the G7+ Price Cap Coalition.

Published 1 February 2024