Eric Wieser of MarketWatch writes that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned three more shipowners for moving Russian oil above the agreed price cap. He continues:
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Thursday leveled sanctions against three entities and their associated vessels for transporting Russian oil sold above the agreed upon price cap set by an international coalition of countries after the Russian invasion of Ukraine.
The OFAC press release listed the companies and vessels as: United Arab Emirates-based Kazan Shipping Incorporated and Kazan vessel (IMO 1142781); UAE-based Progress Shipping Company and Ligovsky Prospect vessel (IMO 4075276); and UAE-based Gallian Navigation Incorporated and NS Century vessel (IMO 4112088).
The U.S., the G7, European Union and Australia, all agreed to prohibit the importation of Russian origin crude oil and petroleum products after the invasion of Ukraine by Russia, unless the oil priced was capped at $60/bbl or below. The price cap went into effect in December 2022. […]
Treasury leveled similar sanctions against two shipping companies and their vessel in October for also facilitating the movement of Russian oil above the price cap.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
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