The Russian oil price cap remains a hard constraint. Every Urals cargo we handle that touches G7-linked financial channels must clear below $60 a barrel, and it must carry three documents: bill of lading, invoice, and a freight-cost breakdown proving delivered cost stays under the cap.

The third document is where deals most often break. Many traders prove compliance with only an FOB invoice, but the cap looks at delivered (CIF) cost — add freight and insurance and the line can be crossed. We split freight, insurance and load-port discount into separate fields, logged per shipment, exportable in one click for audit.

G7 enforcement targets the sum of invoice price plus reasonable freight; it must not exceed $60. Our compliance packs give clients both a Dated Brent minus discount quote and a CIF cap calculation, and we release only when both lines hold. This is an auto-reject red line — no room to negotiate.

One correction worth repeating: Iran remains the only auto-reject origin. Iraq has been explicitly exempt since October 2 and is not on the reject list. Counterparties running Middle East books should stop pairing the two countries as a single red-flag block.