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Banks Must Help Enforce Russian Oil Sanctions: OFAC

Banks involved in financing seaborne shipments of Russian oil will play a major role in enforcing a price cap on seaborne shipments of petroleum products from Russia set to take effect  Dec. 5, U.S. officials have advised.

Twelve pages of guidance published Tuesday by Treasury’s Office of Foreign Assets Control, or OFAC, explains that the restriction, which the U.S. plans to impose in coordination with the EU, Australia and other G-7 nations, prohibits the provision of financing, insurance, brokering and other services for Russian oil above a yet-to-be-determined price.

Financial institutions financing oil shipments subject to the restriction must gather documents showing the purchase complies with the limit or obtain attestations from the relevant parties to the transaction if such records are unobtainable, the guidance states. may update this coverage as more information becomes available.
Topics : Sanctions
Source: U.S.: OFAC
Document Date: November 22, 2022