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

This is stated in an official statement by the Office of Foreign Assets Control of the U.S. Treasury Department, Ukrinform reports.

"Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on three entities and identifying as blocked property three vessels that used Price Cap Coalition services while carrying Russian crude oil above the Coalition-agreed price cap," the statement said.

At the same time, it is recalled that the international crude oil price cap from the Russian Federation came into force in December 2022 with a limit of $60 per barrel.

"The vessels NS Champion, Viktor Bakaev, and HS Atlantica carried Russian Urals crude oil priced above $70 per barrel after the crude oil price cap took effect," the OFAC said.

Moreover, these three vessels used the services of the United States when transporting crude oil of Russian origin. They were blacklisted for the violation.

In addition, sanctions have been imposed against Sterling Shipping Incorporated and Streymoy Shipping Limited, both located in the United Arab Emirates, as well as the Liberian company HS Atlantica Limited. They are the registered owners of the three vessels that transported Russian oil.

As reported, the international coalition of countries known as the Price Cap Coalition includes the United States, other G7 countries, members of the European Union, and Australia. They agreed to ban imports of crude oil and petroleum products of Russian origin above the price cap.