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UK Sets Out Punishment Guidance For Oil Price Cheating

OIL

The United Kingdom announced guidelines on how to penalise oil traders that have not paid prices in line with the oil price cap on Russian oil and products, the UK Office of Financial Sanctions Implementation said.

  • If traders are found out to have lied on the price paid related to Russian oil and products services, those guilty will face fixed fines up to £1mn. Alternatively, if it is more, they could end up having to pay half the value of the breach.
  • Other possible actions include making information public about those who cheat or passing their information on to criminal prosecutors.
  • The EU/G7 is scheduled to introduce an oil price cap on Russian oil and products on 5 Dec.
Energy BulletsCommodities
Energy BulletsCommodities

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