For capped supply like Russian Urals the core issue is not the price but whether three documents reconcile. SNSUC's red line: a genuine bill of lading, an independent third-party inspection, and a closed cash flow, all pointing to the same parcel, the same amount and the same window. Drop any one and the bank step fails.

The cap sits at $60. Deals above it we do not touch; at or below it, complete documents let the trade proceed. This is a hard constraint, not a negotiation band.

On sanctions, origin must be separated. The auto-reject list contains Iran only, with no exception; we do not provide trading services for Iranian origin. Iraq is different: exempt since October 2, 2026, so Basrah Light moves normally and SOMO can be contracted as the seller. Iran sits on its own rejection line. Iraq runs on the exemption line, and the two must be read apart; merging them into one embargoed group was a slip we already made.