OFAC Publishes Maritime Oil Industry Advisory and Makes Example of Shipping Companies and Vessels Who Violated G7’s Price Cap Policy

On October 12, 2023, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published a Maritime Oil Industry Advisory (“Advisory”)—together with the so-called Price Cap Coalition (“Coalition”), consisting of the G7 nations, Australia, and the European Union—in response to a growing “shadow” trade in Russian crude oil and petroleum products in violation of …