United Kingdom – OFSI has ongoing oil price cap investigations

As part of its evidence to the UK Parliament HM Treasury (of which OFSI is a part) has provided the first indications that it has ongoing investigations into possible breaches of the oil price cap.

HM Treasury stated:

OFSI takes a proactive enforcement approach and is currently undertaking a number of investigations into suspected breaches of the oil price cap, using powers under SAMLA to request information and working closely with international partners in the G7+ coalition. Although OFSI cannot discuss or comment on individual cases, OFSI is able to launch investigations based on
suspected breach reports shared with us, intelligence capabilities, and other reporting“.

HM Treasury also repeated the statistic from its Annual Report that as of April 2023 it had 172 cases under live investigation (no update covering the intervening 13 months was provided), and confirmed an earlier ministerial answer that the first fines for breaches of post-2022 Russian sanctions are expected this year.

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