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European Union › Office of Foreign Assets Control (OFAC) › Oil & Gas

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Eversheds Sutherland (US) LLP

Syria sanctions lifted after decades

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On May 23, 2025, the Office of Foreign Assets Control (OFAC) issued General License 25 (GL 25), authorizing transactions prohibited by the Syrian Sanctions Regulations, effectively lifting sanctions on Syria. This comes 10...more

A&O Shearman

Widening the sanctions net in uncertain times: latest developments in the U.S., EU, and U.K.'s sanctions targeting Russia

A&O Shearman on

In the context of the third anniversary of Russia’s invasion of Ukraine, the U.S., EU, and U.K. continue to implement new measures to stifle Russia’s war efforts. The Biden administration continued to escalate sanctions...more

Flaster Greenberg PC

Putin Faces Risks His Energy Holdings Cannot Prevent?

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As the Ukraine war progresses toward its third winter, Russian President Vladimir Putin finds himself besieged on numerous fronts. During the first 30 months of this conflict, Putin used his vast energy resources to hedge...more

Foley Hoag LLP

Department of State, OFAC, and BIS Issue Sweeping Additional Sanctions on Russia, While EU Proposes Tightening Russian Oil Price...

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U.S. authorities have been active in November 2023, reinforcing and expanding sanctions targeting Russia's war effort in Ukraine. Multiple agencies added sanctions targeting entities involved in Russia's military supply...more

Sheppard Mullin Richter & Hampton LLP

The EU’s 11th Sanctions Package: The Long(er) Arm of the Law

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On June 23, 2023, the EU released its 11th package of sanctions on Russia. This package is designed to improve enforcement with new anti-circumvention rules, new trade restrictions, and new designations. The...more

K2 Integrity

One Year Later Implementing Sanctions Against Russia

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Approximately one year ago, in the immediate wake of Russia’s full-scale invasion of Ukraine, the United States (U.S.), United Kingdom (UK), and European Union (EU) launched a global sanctions campaign against Russia that...more

Eversheds Sutherland (US) LLP

Services ban and EU import ban come into effect for seaborne Russian petroleum products

Eversheds Sutherland (US) LLP on

On February 5, 2023, the G7 announced that the “price cap” on western-backed seaborne trades of Russian-origin petroleum products to third countries would be set at $45 per barrel ($45/bbl) for Discount to Crude petroleum...more

K&L Gates LLP

Sanctions Update—January 2023

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The following alert provides an update on recent sanctions developments including: 1. A £30,000 fine imposed for breaches of UK sanctions; 2. The expansion of the prohibition on providing professional services to persons...more

Holland & Knight LLP

OFAC Updates U.S. Oil Price Cap Policy Against Russia

Holland & Knight LLP on

As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more

The Volkov Law Group

United States and Allies Set Price Cap on Russian Oil — $60 Per Barrel (Part I of IV)

The Volkov Law Group on

The G-7, the European Union and Australia officially announced a price cap on Russian oil, which includes service and shipping restrictions on oil originating from the Russian Federation and trading above $60 per barrel. ...more

Eversheds Sutherland (US) LLP

Russia and Belarus sanctions update - December 2022

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Oil price cap - The oil price cap has been co-ordinated by the G7 in order to make EU, UK and US services (including (re)insurance) available to third country importers and exporters as long as the price paid for...more

Latham & Watkins LLP

Sanctions Update: US, EU, and UK Set $60-per-Barrel Price Cap on Russian Crude Oil

Latham & Watkins LLP on

The price cap operates as an exemption to the ban on transportation of Russian seaborne crude oil to other countries. This Client Alert is published in the context of ongoing developments and should be read in conjunction...more

Skadden, Arps, Slate, Meagher & Flom LLP

Price Cap on Russian Crude Oil Becomes Effective

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On December 5, 2022, the price cap on Russian crude oil that was announced by the G-7 finance ministers in September 2022 went into effect at a level of $60 per barrel. The price cap is implemented by prohibiting the...more

Foley Hoag LLP

The U.S., EU, and UK Implement New $60 Price Cap Related to Russian Oil

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Following the initial announcement in September 2022 by the Group of Seven Nations (“G7”) that they would set a price cap on Russian-origin oil and petroleum products, the U.S., the EU, and the UK have moved to implement the...more

WilmerHale

Global Jurisdictions Implement Russian Oil Ban and Price Cap Policy

WilmerHale on

A ban on services related to the maritime transport of Russian-origin crude oil sold above a pre-determined price cap of $60 per barrel began on December 5, 2022, with a similar price cap ban related to other Russian-origin...more

Morrison & Foerster LLP

Coalition Powers Impose Russian Oil Price Cap and Outline Implementation

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As Russia’s war in Ukraine stretches into its tenth month, governments around the world continue to coordinate and respond with increasingly severe sanctions and export controls....more

Orrick, Herrington & Sutcliffe LLP

U.S., EU, and UK Price Cap Sanctions Prohibiting Services for Maritime Transport of Russian Oil

Orrick, Herrington & Sutcliffe LLP on

Effective December 5, 2022, a coalition of G7 countries, Australia, and the European Union have generally forbidden service providers to provide certain services relating to the maritime transport of Russia-origin crude oil...more

K2 Integrity

Sanctions Against Russia: Recent Developments

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K2 Integrity delivers information and analysis on recent developments related to sanctions against Russia and key implications for the public, private, and non-profit sectors as the United States (U.S.), the European Union...more

Seward & Kissel LLP

OFAC Issues Preliminary Guidance on Implementation of Maritime Services Policy and Related Price Exception for Seaborne Russian...

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On September 9, 2022 OFAC issued a preliminary guidance on the Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil in furtherance of a policy established by a coalition of...more

Eversheds Sutherland (US) LLP

OFAC issues guidance on maritime services price cap for seaborne Russian oil

Eversheds Sutherland (US) LLP on

​​​​​​​As a follow up to our alert of September 7th regarding the G7 proposal to implement a price cap with respect to seaborne Russian-origin crude oil and petroleum products, the Office of Foreign Assets Control (OFAC)...more

Eversheds Sutherland (US) LLP

G7 proposes price cap to "amplify” existing sanctions

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On September 2, 2022, the G7 Finance Ministers issued a statement confirming their intention to implement a price cap with respect to Russian-origin crude oil and petroleum products in response to Russia’s continued invasion...more

K2 Integrity

Sanctions Against Russia: The Week in Review - May 2022 - 2

K2 Integrity on

The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our regular reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

K2 Integrity

Sanctions Against Russia: The Week in Review - May 2022

K2 Integrity on

The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our regular reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

Braumiller Law Group, PLLC

"Hot Topics in International Trade - April 2022 - Incursion and World Trade, Part 2: How to Commit Economic Suicide for Your...

Braumiller Law Group, PLLC on

From my perspective, as well as what seems to be many others in the west and around the globe, the incredibly long table that Vladimir Putin sits behind separating himself from his minions, as well as other country’s visiting...more

American Conference Institute (ACI)

[Event] 16th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - May 5th - 6th, Washington, DC

American Conference Institute (ACI) on

ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance is widely regarded as the premier conference designed for those working in global sanctions compliance, internal audits and investigations,...more

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