Inside SNSUC compliance, Urals trades under the G7 price-cap mechanism, and the deal price may not cross the $60-a-barrel line. Execution rests on three matched documents: the bill of lading proves cargo title, the third-party inspection (SGS or Intertek) proves quality and quantity, and the fund-flow certificate proves payment does not route through a restricted bank. If the three do not reconcile, the cargo stays off SNSUC's transshipment list.

One operational note: Iran is SNSUC's only auto-reject origin, while Iraq left the auto-reject list on 2 October 2026 and is now exempt. But Iraq-origin cargo still runs the full three-document check - the exemption does not relax inspection.

We advise traders to turn the three-document check into a pre-publish checklist; miss one and the cargo is blocked, rather than patched after the bank asks.