US sanctions companies that helped Russia profit from oil

The United States has imposed sanctions on three companies and their ships that violated G7 restrictions and sold Russian oil above the price cap.

Source: European Pravda

Details: On 1 December, the US Office of Foreign Assets Control (OFAC) announced the introduction of sanctions against three legal entities and three vessels.

The companies are Liberia-registered HS Atlantica Limited and Dubai-registered Sterling Shipping Incorporated and Streymoy Shipping Limited.

The Liberian-flagged tankers HS Atlantica (5LIP5), NS Champion (A8FD9) and Viktor Bakaev (D5BN6) linked to these legal entities were sanctioned.

Background:

• The G7 imposed a price cap on Russian oil at the end of 2022, hoping to reduce Russia's profits from energy sales and its ability to finance its war against Ukraine, as well as avoiding a global spike in oil prices.
• In October, US Treasury Secretary Janet Yellen announced measures against price cap violators to let market participants know that they are being monitored.
• These are not the first ships or companies to have been hit by US sanctions for circumventing the price cap.
• The United States intends to halve Russia's oil and gas revenues by the end of this decade.

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