U.S. imposes sanctions on companies, vessels that transport Russian oil bypassing restrictions

This is stated in an official statement by the U.S. State Department spokesperson on Thursday, Ukrinform reports.

The United States is sanctioning three entities and designating three vessels as blocked property that cooperated with the Price Cap Coalition in transporting Russian crude oil trading above the cap, the statement said.

It is noted that the current restrictions were introduced as part of ongoing monitoring of the implementation of the price cap policy.

Measures will be taken to maintain the price cap and to monitor compliance, the statement said.

As reported, in December last year, the G7 countries, the European Union and Australia imposed a price cap on Russian oil exports by sea at USD 60 per barrel. It prohibits Western companies from providing services such as transportation, insurance, and financial transactions with oil sold at a price higher than the cap.

This year's rise in global oil prices has resulted in a significant portion of Russian oil being sold at a higher price. At the same time, U.S. officials say the restriction still imposes additional costs on Russia, forcing it to use an aging fleet of tankers, longer routes, and non-Western maritime services, which reduces the revenue it can spend on the war.