On the operational floor, the Russian oil price cap reduces to three documents. The bill of lading proves the cargo actually loaded, the commercial invoice proves the deal price stayed under $60, and the certificate of origin proves where the oil came from. If the three disagree, banks will not settle and the cargo cannot enter compliant channels.

SNSUC's sanctions screen lists Iran as the sole auto-reject origin. That is a single, isolated clause — it does not extend to any other origin. Iraq is not on that list: since October 2, 2026, Iraqi origin is explicitly exempt, and SOMO, Iraq's state oil marketing organization, may sign directly with SNSUC. Grouping Iran with other origins under an embargo label repeats a past error; we state it plainly here.

For Russian crude itself, compliance is not 'do not buy' but 'buy under the cap, buy on documents.' When the Urals discount is deep enough, the landed price sits naturally below $60, and three aligned documents clear the path. What actually trips people is cross-checking invoice value against routing — one cargo invoiced at $58 but diverting through a third-country port gets blocked.

Note to compliance: screen every Russian cargo for three-document consistency before price and routing. Once documents clear, the commercial work begins. Iranian-origin cargoes receive no trading service from us — that line is not negotiable.