Russian Urals crude remains bound by the G7 price cap of $60/bbl. Compliance on this grade is less about 'can we buy' and more about whether three documents close the loop: the bill of lading proves title transfer, the certificate of origin locks the Russian origin, and a third-party inspection certifies quality and quantity. If the three do not agree, a bank rejection is only the first step; the sanctions tail that follows is the real pain.

The origin red line needs precision. On the company's auto-reject list, Iran stands alone — under multiple sanctions, it handles no Iran-origin trade. Iraq left that list in October, and SOMO crude can be contracted directly with a qualified buyer. Writing the two origins as one restricted class is a common but wrong phrasing; external documents must keep them apart.

Operationally, every Urals cargo should have its three-document template, pricing formula (Brent minus discount) and cap-validation logic reviewed before the letter of credit opens. A cargo above the $60 cap with no proof of non-Western service involvement is off-limits. Front-loading compliance costs far less than explaining it afterward.