The Price Cap Coalition issued an “Oil Price Cap Compliance and Enforcement Alert.” It covers Russia’s evasion strategies for circumventing the price cap.
The Western coalition adopted this measure to limit Russia’s ability to fund its war against Ukraine through the sale of its oil. The Price Cap prohibits maritime providers from engaging with Russian-origin crude oil that exceeds $60 per barrel in price.
The enforcement alert identifies sanctions evasion methods that industry stakeholders need to diligently monitor.
First, there are opaque shipping and extra costs as a result of attempts to conceal price, shipment, customs, and insurance fees.
Second, the use of a complicated supply chain, third-party middlemen, and shell firms to conceal the origin of Russian oil. It includes frequent changes in ownership of vessels.
Third, the use of Russia’s “shadow fleet,” made up of old vessels with hidden ownership that do not adhere to industry standards.
Stakeholders must raise red flags in such cases and actively conduct due diligence to prevent Russia from evading the oil price cap.
For years, they appeared on Ukrainian television as "alternative voices", commentators and journalists. Their broadcasts…
France's decision to deport Xenia Fedorova, the former editor-in-chief of RT France, marks one of…
The European Union is preparing to deny short-stay visas to people who fought for Russia…
Reports of hate crimes targeting Ukrainians in Poland rose sharply during the first half of…
The EU says Medinsky, who has led Russian delegations in talks with Ukraine, supported Kremlin…
The European Union’s 21st sanctions package tightens restrictions on Russian finance, crypto services, energy infrastructure,…