The Isle of Man Treasury amended its Russia sanctions general licence for the oil price cap, lowering the permitted crude oil unit price for shipping and associated services and setting a new wind-down for contracts agreed at the previous cap. Under General Licence IOM/2024/RUS042, the crude oil price cap will reduce from USD 47.60 to USD 44.10 from 23:01 on 31 January 2026, with crude oil contracts signed at USD 47.60 before that time permitted to complete provided the oil is offloaded at the port of destination by 22:59 on 16 April 2026. The licence permits 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 the price cap and no activity involves a Designated Person, and allows relevant institutions to process payments for authorised activity. It also sets the price at USD 100 for "premium to crude" and USD 45 for "discount to crude", and continues to rely on a per-voyage attestation process with tiered requirements, including itemised ancillary cost recording for Tier 1 providers and Tier 2 providers with access to the information, alongside reporting and record-keeping obligations.

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