Shipping providers who “wilfully violate or evade” the Russian oil price cap from 5 December will be the key targets of US enforcement, according to new guidance.

The US Treasury released a 12-page document on the scheme’s operation but without detailing the level of the cap below which oil can be shipped to countries outside of the G7, the European Union and Australia without breaching sanctions.

The G7 in September agreed to the US-backed scheme that would allow Russian oil to continue to flow to countries outside of the EU, which imposes a ban on seaborne imports from 5 December and for refined oil products two months later.