The Price Cap Coalition, comprising G7 countries along with the European Union, Australia, and New Zealand, has issued an updated advisory for the global maritime industry. This advisory is aimed at both government and private sector actors involved in maritime activities. The update focuses on best practices to promote responsible operations, disrupt sanctioned trade, and enhance compliance with existing price caps.
The initial advisory was released on October 12, 2023. In its latest iteration, the Coalition offers stakeholders fresh recommendations on fulfilling international obligations. It emphasizes improving due diligence in tanker sales and avoiding interactions with sanctioned entities while encouraging increased internal awareness within organizations.
A primary objective of the Coalition remains to curb Russia's revenue streams that support its conflict in Ukraine while ensuring stability in energy markets.
In a separate development, the United States has backed a "Call to Action" led by the United Kingdom. This initiative was first introduced in July 2024 and has received support from several partner nations. It addresses risks associated with Russia's shadow fleet and suggests a coordinated strategy to tackle these challenges. The U.S. aims to raise the costs for Russia in utilizing this fleet to circumvent sanctions.
