UK Updates Russian Price Cap License, Guidance

The U.K. last week updated a general license and guidance involving its price cap and servicing restrictions on Russian oil. The country’s Office of Financial Sanctions Implementation said the changes offer more clarity on certain exclusions and exceptions under the price cap, including by updating page six of the general license to clarify what type of services can be provided with Russian oil purchased at or below the cap. The agency also updated sections 4.1, 4.2 and 4.4 of its price cap guidance.