Oil Price Cap Update

Safety, environmental, economic, reputational, financial, logistical, and legal risk

Posted 10/21/24

Treasury's Office of Foreign Assets Control (OFAC) has issued an updated Maritime Oil Industry Advisory for both government and private sector actors involved in the global maritime industry.

Prepared by the Price Cap Coalition, (G7, the European Union, Australia, and New Zealand, the Advisory makes ":recommendations" which are routinely ignored by the relevant players, notably buyers China and India, Convenience Registries (Liberia, Maldives, Eswatini and the like), as well as firms located in G-7, EU or other third countries who disregard "advisories" when there is money to be made.

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March 2025 Export Practitioner

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