A new UK parliamentary inquiry will assess whether British sanctions targeting the shipping sector are stemming Russian oil revenues.

The influential House of Commons treasury committee has called for evidence on topics including the effectiveness of the oil price cap and whether sanctions need to be extended across the oil and gas sector.

The committee will examine the work of the UK sanctions regulator, the Office of Financial Sanctions Implementation (Ofsi), and assess the quality of its guidance to industry and the impact on both the insurance and shipping sectors.