News & Analysis as of

Russia Oil & Gas Maritime Transport

Blake, Cassels & Graydon LLP

Le Canada annonce le plus important ensemble de sanctions contre la Russie depuis 2022

Le 17 juin 2025, le gouvernement fédéral canadien a annoncé l’imposition du « plus vaste ensemble » de sanctions liées aux navires et au commerce contre la Russie depuis l’invasion à grande échelle de l’Ukraine par la Russie...more

Mayer Brown

UK Weekly Sanctions Update - Week of March 4, 2024

Mayer Brown on

1. Russia Sanctions - UK Government increases the deadline for providing certain information in relation to the Maritime Services Ban and Oil Price Cap Exception: On March 8, 2024, the UK Government increased the deadline...more

Holland & Knight LLP

U.S. Ramps Up Sanctions on Companies and Vessels Violating the Russian Oil Price Cap Regime

Holland & Knight LLP on

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 12, 2023, designated two tank vessels and their registered owners as Specially Designated Nationals (SDNs) for allegedly transporting...more

Nelson Mullins Riley & Scarborough LLP

OFAC Sanctions Two Non-U.S. Firms For Breaching Russia Price Cap Policy

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department, in the last few days, imposed the draconian penalty of designating two shipping vessels and their registered owners in the UAE and Turkey as...more

Eversheds Sutherland (US) LLP

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

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

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

OFAC Due Diligence and Attestation Requirements (Part IV of IV)

The Volkov Law Group on

OFAC’s guidance is intended to ease the burden on an otherwise difficult compliance problem.  Companies have to act in good faith to avoid transacting business involving Russian crude oil that has been sold above the $60 per...more

The Volkov Law Group

Finding Safe Harbors Under OFAC’s Price Cap Regulations (Part III of IV)

The Volkov Law Group on

The Biden Administration recognizes that the Russian Price-Cap Policy imposes serious burdens on U.S. energy companies and industries that provide ancillary services to the energy sector.  It is even more complicated given...more

The Volkov Law Group

Navigating Risky Waters: Compliance with OFAC’s New Price-Cap Policy (Part II of IV)

The Volkov Law Group on

While OFAC is not always known for its clarity, the department is trying to make it easier for participants in global oil markets to comply with the Price-Cap Policy against Russian oil. This is not an easy task since there...more

Morgan Lewis

US Matches EU $60 Price Cap on Russian Crude Oil Delivered by Sea

Morgan Lewis on

The US Department of the Treasury’s Office of Foreign Assets Control issued a Determination on December 5 implementing a $60 “price cap” on Russian crude oil, pursuant to which US persons are authorized to provide otherwise...more

Orrick, Herrington & Sutcliffe LLP

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

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

Holland & Knight LLP

OFAC Places Price Cap on Maritime Services Related to Russian Oil

Holland & Knight LLP on

The U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) on Nov. 21, 2022, published a determination pursuant to E.O. 14071 prohibiting U.S. persons from providing certain services related to the maritime...more

Seward & Kissel LLP

OFAC Publishes FAQ Clarifying Applicability of the Russian Oil Price Cap to Russian-Origin Oil Loaded Prior to the Effective Date...

Seward & Kissel LLP on

On October 31, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published FAQ 1094, which addresses the question of whether crude oil of Russian Federation origin that is loaded onto a vessel...more

Hogan Lovells

OFAC issues guidance on implementation of G7 price cap on Russian crude oil and petroleum products

Hogan Lovells on

On 9 September 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published “Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne...more

The Volkov Law Group

OFAC Releases Preliminary Guidance on Price Caps for Russian Origin Crude Oil and Petroleum Products

The Volkov Law Group on

On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving Russian Federation...more

Eversheds Sutherland (US) LLP

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

​​​​​​​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

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