Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of lowering the Oil Price Cap on Russia’s revenue generation through seaborne oil exports.

The UK is committed to maintaining the efficacy of the price cap and to adapting it as necessary and practicable, subject to thorough impact assessments and alongside our international partners, to further our objectives of constraining Russian oil revenues. This is why the UK has publicly called on partners to tighten the Oil Price Cap as part of our wider efforts to increase economic pressure on Russia.

In tandem, the UK continues to directly target shadow fleet vessels and entities that seek to undermine UK sanctions and facilitate the trade and transportation of Russian oil and oil products. Since Russia’s illegal invasion of Ukraine, the Foreign, Commonwealth and Development Office (FCDO) has sanctioned 133 vessels and 28 entities and individuals linked to Russia’s shadow fleet.