G7 Finance Ministers agree on sanctions imposing a price cap on Russian oil and petroleum products
23 Sep 2022
On 2 September 2022, the G7 Finance Ministers met in Germany and released a statement:
- Affirming their commitment to the sanctions in broad terms, including the commitment to fully implement and enforce the sanctions and remain vigilant against sanctions evasion, circumvention and backfilling
- More specifically, the Finance Ministers, have confirmed their joint political intention, to finalise and implement a comprehensive prohibition of services which enable the maritime transportation of Russian-origin crude oil and petroleum products globally. Save that the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a fixed price (the price cap) determined by the broad coalition of countries implementing the price cap
- The Finance Ministers also reaffirmed the measures to phase out Russian oil and petroleum products from their domestic markets
It is understood that legislation from the US/EU/UK will be introduced in due course implementing the policy positions above.
The G7 Finance Ministers statement can be found here.
The UK Government’s press release can be found here.
Cyprus updates its 2023 lists of CRS reportable and participating jurisdictions
Cayman widens the net but stops short of imposing public access with new Beneficial Ownership Transparency Bill, 2023
BVI economic substance reporting changes and deadlines