The U.S. has sanctioned two tanker owners for carrying Russian oil sold above the price cap, one of the companies is Turkish while the other is based in the UAE.
The United States has slapped sanctions on two tanker owners for carrying Russian oil sold for over $60 per barrel. This is the first time the U.S. is imposing sanctions for a breach of the price cap that the G7 and the European Union agreed to impose on Russia last year. For several months, Russian crude traded lower than the price cap anyway, which made the cap easily enforceable.
” Yet it appears the cap has not reduced Russian revenue enough if further enforcement action was necessary. One of the sanctioned companies is Turkish Ice Pearl Navigation, which, according to the Treasury, owns a vessel that carried Russian ESPO crude sold for over $80 per barrel. The other company is based in the United Arab Emirates, called Lumber Marine SA, which owns a tanker that carried a cargo of Russian Novy Port crude that sold for over $75 per barrel, Reuters reported.
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