Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Changes made to Oil Price Cap and Ship Specification

Published byExternal Relations
TypeSanctions
Date published
24 July 2025

​​​​Amendment to ship specification

1. The Russia (Sanctions) (EU Exit) Regulations 2019 (the 'UK Regulations') were made under the Sanctions and Anti-Money Laundering Act 2018 and provide for amongst other things, the imposition of shipping sanctions on ships which are or have been, or are likely to be, involved in activity whose object or effect is: (a) to destabilise Ukraine or undermine or threaten the territorial integrity, sovereignty or independence of Ukraine; (b) to obtain a benefit from or support the Government of Russia; or (c) to contravene or circumvent, or to enable or facilitate the contravention or circumvention of, any provision of the UK Regulations.

2. On 24 July 2025 the Foreign, Commonwealth and Development Office made an administrative amendment to the specification of 1 ship which remains subject to shipping sanctions under the Russia regime:

  • Victor Konetsky (UK Sanctions Unique ID: RUS2465) (IMO 09301421)

3.  Find full details on the UK Sanctions List

4. The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021, made under the Sanctions and Asset-Freezing (Jersey) Law 2019, implements the provisions of the UK Regulations into Jersey law, subject to, amongst other things, certain modifications. 

Change to oil price cap

6. On 18 July 2025, the UK announced that alongside the EU, the crude Oil Price Cap would be lowered from $60 to $47.60 per barrel, reducing Russia's income and ability to fund its war machine.

7. The lowered Oil Price Cap of $47.60 per barrel comes into effect at 23:01 (BST), Tuesday, 2 September 2025.

8.  Read the full press release

9.  More information on sanctions or on the Oil Price Cap on R​ussian crude oil.

Further information 

10. Further information on sanctions can be found on Government of Jersey and Jersey Financial Services Commission (JFSC) websites. â€‹

11. A copy of the UK Regulations can be obtained from legislation.gov.uk. Other relevant information about the UK regime can be found on financial sanctions targets by regime on GOV.UK.

12. For an up-to-date list of designated persons (including ships), please refer to the UK Sanctions List on GOV.UK.

Enquiries  

13. Non-media enquiries should be emailed to the Financial Sanctions Implementation Unit at sanctions@gov.je.​


Changes made to Oil Price Cap and Ship Specification
Back to top
rating button