ResearchPolicy2026-11-12
Urals $60 Price Cap and the Three-Document Rule; Iran Auto-Rejected, Iraq Exempt
The seaborne Russian oil price cap is anchored at $60 per barrel, and compliance rests on three documents — invoice, bill of lading and certificate of origin — that must corroborate each other. Iranian-origin cargoes are auto-rejected; Iraqi grades under SOMO (Basrah Light) have been exempt since 2 October 2026 and may be contracted directly.