U.S. Treasury suspects 100 vessels of violating oil sanctions against Russia - Reuters

The U.S. Treasury Department has drawn attention to a possible violation of oil sanctions against Russia by shipowners who have been sent letters requesting information on 100 suspected vessels.

Reuters reported this with reference to a knowledgeable source, Ukrinform saw.

"The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil," the statement said.

According to a person who has seen the documents, the notices were sent on Friday by the Office of Foreign Assets Control (OFAC) to shipowners in about 30 countries. This is "the biggest step of its kind by the United States since Washington and its allies imposed a price cap aimed at restricting oil revenues to Moscow as punishment for its invasion of Ukraine."

As per the source, one of the companies that received a request for information from OFAC was Turkish company Beks Shipping. Reuters could not immediately reach Beks by phone for comment.

The agency notes that the U.S. Treasury Department has not yet commented on this information. "While we do not confirm or comment on investigations or enforcement actions, Treasury is committed to enforcing the price cap and reducing Russia’s resources for its war against Ukraine," a U.S. Treasury spokesperson said.

As reported, in December 2022, the Group of Seven, the European Union, and Australia imposed a USD 60 per barrel cap on Russian oil exports by sea. This prohibits Western companies from providing services such as transportation, insurance, and financing for oil sold at a price higher than the upper limit. Meanwhile, the rise in global oil prices this year has led to a significant portion of Russian oil being traded above the cap.

On October 12, 2022, the U.S. Treasury Department announced sanctions against two companies and two vessels for violating the price cap on the sale of Russian oil.