The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 18 Jul 2025 (UK):
The Foreign, Commonwealth and Development Office ("FCDO"), designated three individuals and one entity under the Russia sanctions regime, pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.
- 18 Jul 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") issued General Licence ("GL") INT/2025/6641960, related to non-designated third-party brokerage accounts held at designated brokerage firms, under both the Russia and Belarus sanctions regimes.
- 18 Jul 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") published eight new sanctions FAQs (FAQs 154-161) of relevance to the UK's Russia sanctions regime, concerning the Oil Price Cap of $47.60 per barrel, introduced in the European Union's 18th Sanctions Package on the same day.
- 18 Jul 2025 (UK):
The Office of Financial Sanctions Implementation ("OFSI") amended General Licence INT/2024/4423849 (the "GL"), concerning the Oil Price Cap granted under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). The amendments reduce the Oil Price Cap on seaborne Russian crude from USD 60.00 to USD 47.60, effective from 23:01 (BST) on September 2, 2025. For any trades with an effective date of contract before 23:01 (BST) on September 2, 2025, and that are compliant with the existing price cap of USD 60 per barrel, there will be a wind-down period of 45 days ending at 23:01 (BST) on October 17, 2025.
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