Tagged: OFAC Price Cap Russian Oil

Navigating Risky Waters: Compliance with OFAC’s New Price-Cap Policy (Part II of IV)

While OFAC is not always known for its clarity, the department is trying to make it easier for participants in global oil markets to comply with the Price-Cap Policy against Russian oil. This is not an easy task since there are a lot of risks to market participants who will need to develop elaborate and precise due diligence procedures and documentation to avoid OFAC enforcement...

OFAC Releases Preliminary Guidance on Price Caps for Russian Origin Crude Oil and Petroleum Products

Alexander Cotoia, Regulatory Complaince Manager at The Volkov Law Group, re-joins us for a posting on OFAC’s preliminary guidance relating to its price caps for Russian origin oil and petroleum products. Alex can be contacted at [email protected]. On September 9, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) released “Preliminary Guidance” concerning a ban on maritime transportation services involving...