The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).

The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine. 

[AMENDED 22 JULY] On 21 July 2022 the European Union published a Maintenance and Alignment Package

On 8 April 2022 the EU adopted a fifth package of sanctions on Russia, comprising of several Regulations and Decisions

During the last few weeks, U.S. authorities have increased their focus on international shipping in a recent escalation of sanctions.