Written Question·Treasury·UIN 6746

Shipping: Russia

Tabled: 4 October 2024

Answered: 14 October 2024

Question

Steve Darling

To ask the Chancellor of the Exchequer, what steps she is taking to ensure UK insurers and other maritime service providers verify compliance with the oil price cap for shipping contracts involving vessels potentially linked to Russia’s shadow fleet.

Answer

Tulip Siddiq

HM Treasury’s Office of Financial Sanctions Implementation (OFSI) supports industry in complying with the Oil Price Cap. On 16 February 2024, OFSI issued updated industry guidance (UK Maritime Services Ban and Oil Price Cap Industry Guidance). OFSI also c...

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