Announcement
02 Dec 2022
In December 2022, HM Treasury prohibited British entities from providing services facilitating the maritime transport of Russian oil if firms trade Russian seaborne crude oil at or above a price cap of USD 60 per barrel.
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Number of interventions
2
2 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
05 Dec 2022
Revocation date:
01 Sep 2025
Updated: 02 Dec 2022
Export-related non-tariff measure, nes
On 2 December 2022, the Treasury Department of the United Kingdom prohibited British operators from providing maritime transportation service to third-country entities if they trade Russian seaborn...
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Updated: 02 Dec 2022
Controls on commercial transactions and investment instruments
On 2 December 2022, the Treasury Department of the United Kingdom announced that the UK prohibited British entities from providing insurance, brokerage and related services to third-country entitie...
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Related State Acts
18 Jul 2025
United Kingdom: Government lowers Russian crude oil price cap to USD 47.60 per barrel
03 Feb 2023
United Kingdom: HM Treasury prohibits the provision of services facilitating the maritime transport of Russian oil products above USD 45 or USD 100 per barrel
27 Dec 2022
Russia: Prohibition of oil exportation to buyers following the price cap
07 Dec 2022
Switzerland: Provision of financial and transport services related to Russian oil above USD 60 per barrel prohibited and 2 Iranian military drone manufacturers added to the frozen fund list
07 Dec 2022
Australia: Government implements price cap of USD 60 per barrel of Russian crude oil
05 Dec 2022
Japan: Government announces actions related to the price cap on Russian oil imports from Russia in response to invasion of Ukraine
03 Dec 2022
EU: Operators prohibited from providing financial and transport services related to Russian oil above USD 60 per barrel
02 Dec 2022
United States of America: Department of Treasury bans providing services facilitating the maritime transport of Russian oil above USD 60 per barrel
02 Dec 2022
Canada: Government prohibits the provision of financial and transport services related to Russian oil above USD 60 per barrel
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