U.S. tightens restrictions on transactions with Russian oil

The U.S. Treasury Department has announced additional steps to limit Russia's oil revenues and to prevent illegal schemes to circumvent price caps imposed on Russia in this area.

This is stated in the official report of the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department, Ukrinform reports.

Today, OFAC continued to tighten restrictions on Russian oil prices, building on previous actions against shipowners and vessels involved in the transportation of Russian crude oil above the price cap, the statement said.

Read also: U.S. imposes sanctions on companies, vessels that helped Russia illegally sell oil

The United States government announced sanctions against SUN Ship Management D Ltd, a company headquartered in the UAE and owned by the Russian government. Other oil traders under the restrictions include Hong Kong-based Bellatrix Energy Limited and Covart Energy Limited, and UAE-based Voliton DMCC.

In addition, the U.S. Treasury Department, in coordination with the Price Cap Coalition, updated the Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin.

Read also: U.S. wants to halve Russia's energy revenues by 2030 - State Department

As Ukrinform reported, the G7 countries, the European Union, and Australia agreed to ban imports of Russian crude oil and petroleum products at a price higher than $60 per barrel. Most of the world's companies providing financial, insurance, and professional services related to oil transportation are based in these countries.