The price-cap mechanism is straightforward: Russian crude may trade at any price, but once the deal clears above $60/bbl it loses access to G7-jurisdiction marine insurance, reinsurance and parts of the ship-owner network. For traders handling Urals re-exports, the red line is not the cargo - it is the paperwork.

The first document is the purchase invoice and price attestation, which must let a regulator trace deal price at or below $60. The second is the shipping set: the bill of lading and voyage records must reconstruct the true load port and trans-shipment path, heading off any Russian origin laundered through a third country challenge. The third is the insurance chain - confirm the underwriter is not on a restricted list and the policy does not lean on a banned reinsurance layer.

Among SNSUC's seven grades, ESPO, Dubai, Oman, Basrah Light, Bonny Light and Lula are outside this cap; only Urals runs on its own discount logic. Keeping Urals as a separate compliance line - booked, credited and documented apart from Middle East, West African and South American barrels - stops one vessel's paperwork flaw from dragging down the whole re-export ledger.

On the ground: clear every Urals fixture through the price-attestation template before pricing; never lift on incomplete documents. Archive the bill of lading and insurance certificates with the cargo and hold them for no less than two accounting cycles after the trade is settled. Compliance is not overhead; it is the condition for the re-export book to keep running.