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Learn moreIntroduces new recommendations and builds on previous guidance
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) today posted on its website an updated maritime oil industry advisory from the Price Cap Coalition,* emphasizing best practices to combat sanctions evasion and comply with price caps on Russian crude oil and petroleum products.
The guidance introduces new recommendations and builds on previous guidance from various international bodies. The Price Cap Coalition aims to maintain a safe and reputable market for maritime oil trade by addressing increased risks such as safety, environmental, economic, and legal challenges associated with the “shadow” trade, which involves high-risk and often illicit shipping practices.
* The Price Cap Coalition consists of the G7, European Union, Australia and New Zealand.
Doug Zuvich | John L. McLoughlin |
Andy Siciliano | Steve Brotherton |
Luis (Lou) Abad | Irina Vaysfeld |
Amie Ahanchian | Christopher Young |
Gisele Belotto | George Zaharatos |
Andy Doornaert | Jessica Libby Principal E: jlibby@kpmg.com |
| Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
Doug Zuvich | John L. McLoughlin |
Andy Siciliano | Steve Brotherton |
Luis (Lou) Abad | Irina Vaysfeld |
Amie Ahanchian | Christopher Young |
Gisele Belotto | George Zaharatos |
Andy Doornaert | Jessica Libby Principal E: jlibby@kpmg.com |
| Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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