February 19, 2024

UK Weekly Sanctions Update - Week of February 12, 2024

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In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London Global and Government Trade team listed above.above.

1. Russia Sanctions

  • OFSI updates oil price cap guidance: On February 16, 2024, OFSI published updated guidance for the Maritime Services Ban and Oil Price Cap, to provide additional clarity and detail on the following:
  1.  Attestations: The changes to the attestation model announced on 20 December 2023 will come into effect on 19 February 2024. The updated model requires 1) attestation forms to be provided on a per-voyage basis, and 2) itemised ancillary costs to be recorded by Tier 1 entities and provided to Tier 2 and Tier 3A contractual counterparties upon request. The tier system has been amended and Tier 3 has been split into Tier 3A and Tier 3B.
  2. Attestation and cost information deadlines: The deadline for providing additional attestations or itemised ancillary costs has been reduced from 30 days to 28 days.
  3. Ceasing doing business: The requirement to cease doing business with actors who refuse or fail to provide information has been clarified as being contract-specific and only applying to policies relating to the seaborne transportation of Russian oil and oil products. (OFSI OPC Guidance - February 2024.docx (publishing.service.gov.uk))
     

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