OFAC has now published its formal guidance on the price cap sanctions for Russian oil entering into force on December 5, 2022. The price cap policy is intended to maintain a reliable supply of oil to the global markets while reducing the revenues the Russian Federation earns from its oil after the conflict in Ukraine inflated global energy prices. US services can provide covered services such as trading / commodities brokering, insurance and reinsurance, customs brokering,indemnity , financing and shipping as long as the Russian oil is purchased at or below the ” price cap “.