Updates to the Oil Price Cap Guidance On 14 June, the Office of Financial Sanctions Implementation (OSFI) published updated guidance for the Maritime Services Ban and Oil Price Cap, to provide additional clarity and detail on the following: Wind-down periods: We are confirming that OFSI will introduce a 45-day wind-down period for any future changes to the Oil Price Cap Trading in Derivatives and Futures: Trading in derivatives and futures is now exempt from the Oil Price Cap As soon as reasonably practicable: Clarification has been added on OFSIs view of what is considered to be taking the required steps to withdraw contracted services as soon as reasonably practicable in the event of a suspected breach OFSI has also issued General Licence INT/2023/3074680 and updated the associated publication notice. This General Licence permits trading in derivatives and futures related to the supply or delivery by ship of Russian oil and oil products which would otherwise breach the prohibition in regulation 46Z9C of the Russia Regulations. Bespoke reporting forms for required reporting, reporting suspected breaches, and specific licence applications are on our website. Any reporting or queries should be directed to oilpricecap.OFSI@hmtreasury.gov.uk. To see the general licences, guidance and reporting forms | 