Reed Smith In-depth

Shortly before the 5 December 2022 cut-off date for the provision of maritime services related to the transportation of Russian crude oil, the UK, EU and U.S. each published detailed guidance on the relevant price cap for oil products falling under HS/CN Code 2709 (i.e., crude oil) that are of Russian origin or consigned or exported from Russia to non-G7 countries (Restricted Oil Products).
Oil and petrochemical tank, storage of oil and petrochemical products ready for logistic and transport business

The guidance also refers to equivalent measures taking effect for petroleum products falling under HS/CN Code 2710. As these apply from 5 February 2023 and a price cap has not been determined yet, we will address them in a subsequent alert once they are announced.

This client alert is part of a series of our previous perspectives on:

Relevant guidance

Over the past few weeks, the UK, EU and U.S. have each published and/or updated their relevant guidance on the scope and practical implementation of the price cap restrictions. Updated versions of these documents can be found as follows: