The Isle of Man Treasury amended General Licence IOM/2024/RUS042 under the Russia sanctions regime, updating the Oil Price Cap permissions for shipping Russian crude oil and oil products and for providing associated services where the price is at or below the cap. The licence sets the price at USD 100 for “premium to crude” and USD 45 for “discount to crude”. The permissions apply to supply or delivery by ship from Russia to a third country or between third countries, and to “relevant services” linked to those movements, subject to exclusions and conditions including that no supply, delivery or relevant services are provided to a Designated Person. The licence also allows a relevant institution to process payments for authorised activity and uses a per-voyage attestation process with tiered requirements across the oil supply chain; Tier 1 providers (and Tier 2 providers with access to the information) must record itemised ancillary costs per voyage and provide them to certain counterparties on request. The release also notes that General Licence INT/2024/4423849 was amended to reduce the crude oil price cap from USD 60.00 to USD 47.60 from 11:01 pm on 2 September 2025, with a 45-day wind-down for contracts signed at the USD 60.00 cap before that time provided the oil is offloaded by 11:01 pm on 17 October 2025.

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