Oil: Price Caps
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps she has taken to help ensure international partners are adhering to the UK Oil Price Cap introduced in December 2022.
Answered by Stephen Doughty
The Government is taking decisive action alongside international partners to increase pressure on Russian energy revenues. Last year, the UK and US sanctioned Russia's four oil majors. Russia's oil export revenues are now at their lowest since the start of the full-scale invasion in 2022. On 15 January, the Government announced that we would move alongside the EU in lowering the Oil Price Cap on Russia crude from $47.60 to $44.10 per barrel. The UK and EU have both announced bans on the import of refined oil of Russian origin and both will introduce maritime services bans relating to Russian Liquefied Natural Gas.
We have led international efforts to disrupt Russia's shadow fleet. The UK has now specified 545 vessels under the Russia sanctions regime, including 520 oil tankers and 16 liquefied natural gas (LNG) carriers.
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