US Warns Firms Over Russian Oil Price Cap Evasion Via Eastern Routes

The US Treasury published a warning to US companies on Monday of possible evasions of the Russian oil price cap exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia.

• The Office of Foreign Assets Control (OFAC) at the department said it is aware of reports that ESPO and other crude oils exported via Pacific ports, such as Kozmino, may be trading above the $60/bbl price cap.
• “These US service providers may be unaware that they are providing covered services involving Russian oil purchased above the price cap, as the non-U.S. persons involved in the exports may have provided incomplete or false documentation or used other deceptive practices,” OFAC said.
• Reports suggested last week Urals crude to India had been delivered well above price cap, including shipping costs, according to Argusmedia pricing data.