The Isle of Man Treasury amended General Licence IOM/2024/RUS042 under the Russia sanctions regime, updating the scope of permitted activity for the supply or delivery by ship of Russian crude oil and oil products and the provision of associated services where the unit price is at or below a specified price cap. The licence sets the price caps at USD 60 per barrel for crude oil, USD 100 for “premium to crude”, and USD 45 for “discount to crude”. Subject to exclusions and conditions, and provided no supply, delivery, or relevant services are provided to a designated person, it permits shipments from Russia to third countries or between third countries, allows service providers to provide relevant services where the cap is met, and allows relevant institutions to process related payments. The licence operates a per-voyage attestation process with tiered requirements across the supply chain, including a requirement for Tier 1 providers (and Tier 2 providers with access to the information) to record itemised ancillary costs on a per-voyage basis and provide them to certain contractual counterparties on request; reporting and record-keeping requirements apply as set out in the licence. The Treasury also notes an amendment to General Licence INT/2024/4423849 adding HS commodity code 2710 19 44 alongside 2710 19 42 under “premium to crude”.

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