US sanctions three more shipping firms for Russian price cap breach

The US Treasury’s Office of Foreign Assets Control (OFAC) on Friday imposed sanctions on three more shipping companies and three tankers owned by them for shipping Russian oil above the price cap.

PHOTO: Flags of the US and Russia. Getty Images

The sanctions were imposed on Sterling Shipping, Streymoy Shipping and HS Atlantica, along with their tanker vessels NS Champion, Viktor Bakaev and HS Atlantica, OFAC stated on Friday. Two of these companies, Sterling Shipping and Steymoy Shipping, are based in the UAE and HS Atlantica is based in Liberia.

The sanctions were imposed because the vessels were found to be transporting Russian crude oil priced higher than the price cap of $60/bbl. Last year, the US, along with other G7 countries and the “non-enumerated member” EU and Australia imposed a price cap of $60/bbl on seaborne crude oil exports from Russia.

The US Department stated that the vessels transporting crude oil of Russian origin used services provided by US individuals.

The price caps imposed on Russian oil are a “top priority for the US,” said the US Treasury’s deputy secretary Wally Adeyemo. “By targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia’s profits from oil while promoting stable global energy markets,” he further added.

Last month, the OFAC imposed sanctions on three shipping companies based in the UAE for transporting Russian crude above the price cap.

By Aparupa Mazumder 

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