On 20 December 2023, the European Union, together with the other G7+ Price Cap Coalition members, announced revisions to the price cap compliance regime which aim at increasing compliance and other costs for Russia and disrupting circumvention.
First, relevant Coalition service providers will need to receive attestations from their counterparties each time they lift or load Russian oil.
Second, supply chain participants with access to itemised ancillary costs (e.g., insurance and freight) will need to share these upon request with entities further down the supply chain.
Coalition members will provide guidance to their service providers and relevant industry, as well as details on the transition period, in the coming weeks through their respective domestic processes. These changes will support the implementation of the oil price cap and disrupt circumvention by reducing opportunities for bad actors to use opaque shipping costs to disguise oil purchased above the cap.
As Russia continuously looks for ways to circumvent the oil price cap, we are determined to strengthen our measures to increase their effectiveness.
- Publication date
- 20 December 2023
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union