UK uncovers scheme to circumvent oil sanctions with fake certificates

Fake certificates were used to pass off russian fuel shipments as originating from countries not subject to sanctions. This allowed traders to avoid the restrictions and continue exporting at prices above the limit.

According to G7 rules, russian oil can be purchased if its price does not exceed the $60/barrel limit. If this price is exceeded, Western companies, in particular, are not allowed to provide insurance or transportation services for such cargoes.

Over the past year, the UK and the US have already imposed sanctions on several vessels and companies for violating the price cap. Nevertheless, significant volumes of Russian oil continue to be exported, regardless of price restrictions.

The Sanctions Enforcement Agency has published new guidelines that provide for stricter control over certificates of origin. They state that such documents should be issued by local authorities, not private companies, to avoid counterfeiting.

Source: Bloomberg