{"id":587,"date":"2024-05-13T05:29:08","date_gmt":"2024-05-13T09:29:08","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=587"},"modified":"2024-05-13T05:29:08","modified_gmt":"2024-05-13T09:29:08","slug":"united-kingdom-ofsi-has-ongoing-oil-price-cap-investigations","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2024\/05\/13\/united-kingdom-ofsi-has-ongoing-oil-price-cap-investigations\/","title":{"rendered":"United Kingdom &#8211; OFSI has ongoing oil price cap investigations"},"content":{"rendered":"<p>As part of <a href=\"https:\/\/committees.parliament.uk\/writtenevidence\/130090\/default\/\">its evidence to the UK Parliament<\/a> 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.<\/p>\n<p>HM Treasury stated:<\/p>\n<p>&#8220;<em>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<\/em><br \/>\n<em>suspected breach reports shared with us, intelligence capabilities, and other reporting<\/em>&#8220;.<\/p>\n<p>HM Treasury also repeated the statistic from its <a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2023\/12\/12\/uk-ofsis-enforcement-statistics-for-2022-23\/\">Annual Report<\/a> that as of April 2023 it had 172 cases under live investigation (no update covering the intervening 13 months was provided), and confirmed <a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2024\/04\/19\/uk-government-minister-gives-timelines-for-first-post-2022-financial-sanctions-fines\/\">an earlier ministerial answer<\/a> that the first fines for breaches of post-2022 Russian sanctions are expected this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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: &#8220;OFSI takes a proactive enforcement approach and is currently undertaking a number of investigations into suspected breaches &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2024\/05\/13\/united-kingdom-ofsi-has-ongoing-oil-price-cap-investigations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;United Kingdom &#8211; OFSI has ongoing oil price cap investigations&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79,70],"tags":[20,18,34,9],"ppma_author":[7],"class_list":["post-587","post","type-post","status-publish","format-standard","hentry","category-79","category-infrastructure-and-transport","tag-financial-sanctions","tag-russia","tag-trade-sanctions","tag-united-kingdom"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=587"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/587\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=587"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}