U.S. Treasury Department says that three companies and three oil ships were carrying Russian Urals crude at prices above $70 per barrel, which is $10 more than the price cap. (Photo: The Times of Israel)
According to Radio Free Europe Radio Liberty News, the US tightened its implementation of the price cap on Russian oil on December 1 by putting more sanctions on three groups and the oil ships they owned. Because of breaking the agreed-upon $60 price cap for exports of Russian crude by sea, the U.S. Treasury Department went after ships carrying Urals crude that cost more than $70 per barrel. This is the third time in as many months that the Office of Foreign Assets Control (OFAC) has punished ships and their owners for selling goods for too much money. The companies that were sanctioned, including two from the UAE (Sterling Shipping and Streymoy Shipping Limited) and one from Liberia (HS Atlantica Ltd), were said to have used Western marine services for shipping, insurance, and finance. In order to stop Russia from using oil money to fund the war in Ukraine, the ships and their owners’ U.S. property are being blocked, and people in the U.S. and its territories are being limited in what they can do. Treasury Deputy Secretary Wally Adeyemo stressed that the U.S. would enforce the price cap to keep global energy markets stable and limit Russia’s oil earnings. Through February 29, a general license was also given to the targeted organizations and boats, letting them do some safety and environmental business.
