Guidance

G7+ Coalition targets price cap evasion with tighter compliance rules

The United Kingdom and G7+ Coalition partners announce stricter compliance requirements in updated industry guidance in push to tackle oil price cap violations.

From:
HM Treasury
Published
20 December 2023

Documents

Coalition Statement on Price Cap Rule Updates

HTML

Details

  • A little over a year after the implementation of the price cap on crude oil, the regime has successfully supported stable energy markets while constraining Russian revenues which could otherwise fund its illegal war in Ukraine.
  • The G7+ Coalition takes allegations of price cap violations very seriously.
  • As part of our strong focus on increased compliance, Coalition members have published revised guidance on the oil price cap.
  • These changes will further frustrate Russian efforts to circumvent the measure, and raise costs for Russian exporters who are unwilling to sell oil under the cap.

Updates to this page

Published 20 December 2023

Sign up for emails or print this page