The United States has imposed sanctions on maritime companies and vessels for shipping oil sold above the G7’s price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.
The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action, accusing the vessels of engaging in the export of Russian crude oil priced above the $60 a barrel cap.
It said the vessels used U.S.- person services while transporting the Russian-origin crude oil. The U.S., other Group of Seven (G7) countries and Australia imposed the cap last year, seeking to reduce Russia’s revenues from seaborne oil exports as part of sanctions for its invasion of Ukraine.
While the cap on crude has been in place for around a year and is aimed at restricting the Kremlin’s oil revenues, robust global oil prices this year and Moscow’s growing usage of shadow tankers’ fleet have meant that much of Russian oil has traded above the cap.
The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. Caps also were imposed on Russian fuel exports.
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