The US Treasury's guidance on Russian oil price caps gives maritime service firms a safe harbor.

The US Treasury's guidance on Russian oil price caps gives maritime service firms a safe harbor.

The U.S. Treasury on Friday issued new guidance on a proposed Western price cap on Russian oil exports, saying that maritime services providers would not be held liable for false pricing information provided by buyers and sellers of Russian crude. In

The U.S. Treasury Department issued guidance on Wednesday that said anyone purchasing Russian crude oil at prices above a certain level could be subject to investigation for sanctions violations. The guidance, which was issued in the form of a Frequently Asked Questions document, said

The G7 wealthy nations have agreed to a price cap plan that would deny insurance, finance, and other services to oil cargoes priced above a yet-to-be-determined price. This would effectively put

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing a

The guidance explained that service providers who lack direct access to pricing information can still be held liable for potential sanctions breaches if they reasonably rely on a customer attestation. However, if the service provider can show that the customer acted in bad faith in order to violate or evade the

In life, we are constantly faced with choices.

The US Treasury has warned financial firms to be on the lookout for red flags that could indicate potential fraud or evasion in relation to the new coronavirus relief package. These red flags include evidence of deceptive shipping practices, refusal to provide requested price information, unusually favorable terms

It is important to be aware of the potential for fraudulent activity when doing business on the internet. This includes being on the lookout for

The Treasury has announced that the countries participating in the crude oil price cap will work together to set the cap levels for Russian crude oil and high-volume and low-volume petroleum product c

The consensus on the price cap levels will be reached with the aid of a "rotating lead coordinator" the department said. The plan is that countries in the coalition will have a temporary leadership role as the plan proceeds. This

We all know that time is a precious commodity. And

It would be a few more weeks until the United States Treasury Department's price cap plan is fully developed, including determination of the cap level, said Assistant Secretary for Economic Policy Ben Harris on Friday. The plan

At a Brookings Institution event, Harris asked skeptics of the cap to "wait for all the information and perhaps hold your fire before you conclude this will be too challenging to implement." He noted that

The sanctions have taken a toll on the Russian economy, with GDP shrinking by 3.7 percent in 2015 and a further 0.6 percent in 2016. The country's manufacturing sector has been particularly hard hit

Russia's oil industry has been on the upswing in recent years, thanks in part to a 60% increase in oil prices. This has more than offset a decline in

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