US Imposes Sanctions on Companies Violating Russian Oil Price Ceiling

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For the first time, the United States of America is imposing sanctions in response to the circumvention of the price ceiling for Russian oil.

This is said in the statement Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.

“The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposes sanctions on two companies and designates as blocked assets two vessels that transported Russian oil at a price higher than the coalition agreed upon,” the statement said.

The crude oil price cap came into effect in December 2022, with the ceiling set at $60 per barrel.

It is noted that the shipping company Lumber Marine SA from the UAE used the tanker SCF Primorye to transport oil at a price above $75 per barrel from the port to the Russian Federation after the oil “ceiling” came into force.

At the same time, the Turkish Ice Pearl Navigation Corp owns the Yasa Golden Bosphorus tanker, which transported ESPO grade oil at a price of $80 per barrel.

At the same time, both SCF Primorye and Yasa Golden Bosphorus, which called at Russian ports, used the services of American service providers when transporting oil.

Let us remind you:

Russia has reportedly managed to avoid G7 restrictions on most of its oil exports, and the shift in trade flows will boost Kremlin revenues as oil prices rise to $100 a barrel.

Economic truth

2023-10-12 14:45:48
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