United States announce sanctions against Russian oil
The United States is moving to the next stage of tightening sanctions against Russian oil revenues, aimed at preventing circumvention of the "price cap" for offshore oil transportation from the Russian Federation and strengthening control over such actions.
Source: European Pravda with reference to the statement of the US Treasury Department
Details: As part of efforts to enforce the price cap, the U.S. Treasury's Office of Foreign Assets Control, together with partner countries, has updated the rules for complying with sanctions against Russian oil.
The changes aim to strengthen certification and accounting processes for certain oil transportation service providers.
Additionally, the United States imposed sanctions on the ship-owning company SUN Ship Management, registered in the United Arab Emirates, which belongs to the sanctioned Russian state fleet operator Sovcomflot.
The restrictions also included three underground traders of Russian oil, who allowed Moscow to bypass the "price cap" from Hong Kong and the United Arab Emirates.
In December 2022, the West set an upper limit on the price of Russian oil exports by sea at US$60 per barrel. The sanctions also prohibit Western companies from providing services for oil transportation from the Russian Federation at a price higher than the "cap".
The restriction has forced Russia to shift its oil sales to much more remote countries such as China and India and invest in "shadow fleets" of worn-out tankers that are not officially tracked.
Background:
- In October, the US Treasury Department began actively punishing companies transporting Russian oil at a price higher than the "price cap".
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