HM Treasury has today, 1 October 2026, released updated guidance concerning the UK's ban on the provision of maritime transportation and associated services for certain Russian oil and oil products. The new publication includes general licences and reporting forms related to the Maritime Services Ban and the Oil Price Cap Exception.
Among the updates is the new 'Oil Price Cap' General Licence (INT/2024/4423849). This licence is accompanied by forms for Tier 1 providers to report their activity, and for Tier 2/3 providers to notify OFSI when dealing directly with non-UK Tier 1 providers or when a UK Tier 1 provider has not confirmed compliance with reporting requirements.
Further general licences have been detailed, including INT/2022/2470056 for correspondent banking and payment processing, and INT/2023/30742680 regarding the exemption of Derivatives and Futures Trading from the Oil Price Cap Exception and Maritime Services Ban. Guidance also covers exempt projects and countries, such as Sakhalin Island, under General Licence INT/2022/2470156.
The Treasury has also provided an online form for reporting suspected breaches and compliance issues related to the ban and price cap. Additionally, an Oil Price Cap (OPC) Advisory details evasion linked to product origin manipulation through fabricated or falsified certificates of origin.