On November 22, 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) took three actions regarding the long-awaited “price cap” on services related to the sea transportation of Russian crude oil.
- OFAC has a “Decision pursuant to Executive Order (EO) 14071 to implement price cap policy for crude oil from the Russian Federation‘ (the ‘Provision’) (attached). The provision prohibits US persons from…
