UK Banned the Maritime Transportation of Russian Oil and Oil Products and Associated Services and Introduced Oil Price Cap Guidance
The ban includes the following measures:
>> Banning the import of both Russian oil and products from 5 December 2022 to reduce the size of the global market for Russian oil and oil product exports.
>> Banning the maritime transportation of Russian oil from 5 December 2022 and refine oil products from 5 February 2023 to further limit Russia’s export and raise costs for the buyers. The ban covers the maritime transportation of the oil and oil products from Russia to third countries or between third countries (countries that are neither the UK, the Isle of Man, or Russia).
>> Banning the associated services which the maritime transportation of Russian oil as of 5 December 2022 and of Russian refined oil products as of 5 February 2023.
>> Introducing a coordinated price cap exception to the maritime transportation and associated services ban to prohibit Russia from obtaining excess oil revenues. The price cap makes UK services available to the third country importers and exporters only when the price of the Russian oil or oil products is at or below an established price cap.
The guidance for the UK ban on the provision of maritime transportation of, and associated services for the maritime transportation of, certain Russian oil and oil products is available via the link
>> Banning the import of both Russian oil and products from 5 December 2022 to reduce the size of the global market for Russian oil and oil product exports.
>> Banning the maritime transportation of Russian oil from 5 December 2022 and refine oil products from 5 February 2023 to further limit Russia’s export and raise costs for the buyers. The ban covers the maritime transportation of the oil and oil products from Russia to third countries or between third countries (countries that are neither the UK, the Isle of Man, or Russia).
>> Banning the associated services which the maritime transportation of Russian oil as of 5 December 2022 and of Russian refined oil products as of 5 February 2023.
>> Introducing a coordinated price cap exception to the maritime transportation and associated services ban to prohibit Russia from obtaining excess oil revenues. The price cap makes UK services available to the third country importers and exporters only when the price of the Russian oil or oil products is at or below an established price cap.
The guidance for the UK ban on the provision of maritime transportation of, and associated services for the maritime transportation of, certain Russian oil and oil products is available via the link