On April 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued an alert warning U.S. persons regarding the possible evasion of the price cap set on crude oil of Russian origin, particularly oil exported through the Eastern Siberia Pacific Ocean pipeline and ports on the eastern coast of Russia. OFAC reminded U.S. persons providing covered services that they “are required to reject participating in an evasive transaction or a transaction that violates the price cap determinations” and must report such transactions to OFAC. In the alert, OFAC referenced recently issued guidance on the implementation of the price cap policy for Russian crude oil and petroleum products for additional information (covered by InfoBytes here).