Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a requirement for maritime insurers to verify with bank statements whether the oil price for Russian exports was paid below the price cap.

The UK, alongside G7+ Oil Price Cap (OPC) Coalition partners, keeps the efficacy of the OPC under constant review, whilst working closely with industry to aid compliance and ensure that any changes to the measure are implementable – as evidenced by the February 2024 updates to the OPC compliance regime and the OPC industry advisory on falsified certificates of origin, published in November 2024.

The UK is committed to continuing to adapt the OPC as necessary and practicable, alongside our international partners, to further our objectives of constraining Russian oil revenues.