The US Treasury Department’s recently-published guidelines on how the price cap on Russian oil will be applied to shipping promise hard work for maritime companies to stay in compliance with the rules.

Bruce Paulsen, a maritime lawyer at New York’s Seward & Kissel, said the documentation rules unveiled by the Office of Foreign Assets Control (Ofac) create a very complex regime.

“It’s going to take the industry a great deal of work to be able to comply,” said Paulsen, who focuses on both sanctions and shipping litigation.