Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Office for Financial Sanctions Implementation is taking to ensure the compliance of attestation documents for Russian oil products.

The PM along with other G7 Leaders in their statement of 24 February 2024 committed to continue to take steps to tighten compliance and enforcement of the oil price cap on Russian oil. The UK and G7 partners will respond to violations including by imposing additional sanctions measures on those engaged in deceptive practices while transporting Russian oil and against the networks Russia has developed to extract additional revenue from price cap violations. These additional sanctions measures include, but are not limited to, the changes to the attestation model announced by the G7+ Price Cap Coalition on 20 December 2023 and the UK’s new designations of oil traders announced on 22 February 2024.

From 19 February 2024, the attestation model was updated to require attestations to be shared on a per-voyage basis, as part of a relevant transaction. As well as per-voyage attestations, the new model requires itemised ancillary costs to be recorded and provided to contractual counterparties upon request.

To support industry participants in complying with the oil price cap and with the new attestation requirements, the Office of Financial Sanctions Implementation (OSFI) on 16 February 2024 issued updated industry guidance. OFSI also co-authored a joint G7+ Price Cap Coalition oil price cap compliance and enforcement alert which issued on 1 February 2024.