U.S. enforcement of price cap on Russian oil, updated guidance

Targeting shipowners and vessels involved in transporting Russian crude oil above the cap

Targeting shipowners and vessels involved in transporting Russian crude oil above the cap

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is increasing enforcement of the price cap on Russian oil, targeting shipowners and vessels involved in transporting Russian crude oil above the cap.

OFAC has designated a government of Russia-owned ship manager and several obscure oil traders who have frequently participated in the seaborne transportation of Russian-origin oil following the imposition of the price cap.

In coordination with the Price Cap Coalition*, OFAC has updated the Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin [PDF 306 KB].

OFAC concurrently issued:

Read the OFAC release

Read the Treasury release


The actions are in line with commitments made by the G7 on December 6, 2023, to tighten compliance and enforcement of the price cap policy on Russian oil.

The price cap policy prohibits the import of crude oil and petroleum products of Russian origin unless the oil is bought and sold at or below specific price caps established by the Price Cap Coalition or is authorized by a license.

* The Price Cap Coalition consists of the G7, European Union, and Australia

For more information, contact a professional with KPMG’s Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
E: ivaysfeld@kpmg.com

Amie Ahanchian
E: aahanchian@kpmg.com

Christopher Young
E: christopheryoung@kpmg.com

Gisele Belotto
E: gbelotto@kpmg.com

George Zaharatos
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
E: jlibby@kpmg.com
John Anderson
Managing Director
E: johneanderson@kpmg.com
Jenna Leigh Glass
Managing Director
E: jennaleighglass@kpmg.com

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