Price Cap Coalition issues alert listing red flags for Russian oil cap evasion

The Price Cap Coalition of the G7, the European Union and Australia published a compliance and enforcement alert on 1 February setting out six red flags for evasion of the Russian oil price cap. The warning signs include falsified attestations, commercially unreasonable or opaque shipping costs, recently formed companies with frequent ownership changes, and multiple flag changes or false flags. The alert also highlights older shadow fleet vessels with opaque ownership and no legitimate insurance, as well as AIS gaps, indirect routing and ship-to-ship transfers at night in areas known for illicit activity. It urges industry to carry out due diligence and keep records showing oil was bought at or below the cap.

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