US sanctions 4 entities for breaching price cap on Russian oil
Date
2/11/2024 2:55:26 AM
(MENAFN) On Thursday, the US Treasury Department revealed that it had enforced sanctions against four entities for breaching a price cap on Russian oil, as mandated by a coalition of Western nations.
Among the targets were a Liberian-flagged tanker reportedly under Russian control, alongside three management companies based in the United Arab Emirates, linked to this vessel and others.
"Russia’s own top energy official admits that the coalition’s price cap and our sanctions have led to widening discounts on Russian oil, limiting the revenue the Kremlin relies on for its illegal war," Brian E. Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, remarked in a declaration.
"Today’s action against vessels violating the price cap on Russian oil should serve as a continued warning that we can and will enforce violations of the cap," he further mentioned.
Furthermore, the Office of Foreign Assets Control (OFAC) within the Treasury issued two fresh determinations that enact G-7 pledges to prohibit the importation of diamonds sourced from Russian mines.
The United States is part of a global alliance of nations, referred to as the price cap coalition, which encompasses the G-7, the European Union, and Australia. This coalition collectively committed to banning the importation of Russian-origin crude oil and petroleum products, as outlined by the Treasury.
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