The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 22 May 2023 (UK):
On May 22, 2023, OFSI issued a new general license permitting a UK person who is owed funds or economic resources by a DP, under certain types of contract signed before the DP in question was designated, to receive such payment under those contracts.
- 18 May 2023 (OFAC):
On May 18, 2023, OFAC issued a progress report on the price cap policy for Russian-origin crude oil and petroleum products. The report focuses primarily on the success and economic impact of the price cap policy, noting that it is achieving its intended purpose by substantially reducing Russia's oil revenues while maintaining a consistent supply of crude oil and petroleum products in the global market. OFAC also states that the Russian federal government's oil revenues from January to March 2023 were over 40 percent lower than a year prior during that same time period, and that the average price of Russian Urals crude oil has been below $60 per barrel on a monthly basis since the price cap policy took effect.
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