US authorities have found no evidence of widespread evasion of Russian oil price caps, a senior official said on Thursday.

Claire McCleskey, assistant director of sanctions compliance and evaluation at the US Office of Foreign Assets Control (Ofac), said the system was working but urged the industry to come forward with information about potential breaches.

McCleskey was speaking at a Capital Link webinar after Ofac released an alert on Monday warning of risks that US businesses could become involved in oil trades that broke the price cap from Russia’s Far East ports, particularly Kozmino.