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On Thursday, the United States sanctioned several maritime companies and vessels to enforce the G7’s price cap on Russian oil. The sanctions target entities accused of shipping Russian oil at prices exceeding the established cap.

The US Treasury Department announced the sanctions against three United Arab Emirates-based companies and their three vessels. These entities are accused of exporting Russian crude oil above the $60 per barrel price cap, utilizing services provided by US persons in the process. The G7, along with Australia, implemented this price cap as part of broader sanctions against Russia in response to its invasion of Ukraine. The cap limits Russia’s revenue from seaborne oil exports while ensuring oil flow to global markets. It also includes restrictions on Russian fuel exports, preventing Western companies from offering services for Russian oil transactions above the set price.

Deputy Treasury Secretary Wally Adeyemo emphasized the US’s commitment to holding accountable those involved in the Russian oil trade that violate the price cap. “We are committed to maintaining market stability in spite of Russia’s war against Ukraine, while cutting into the profits the Kremlin is using to fund its illegal war and remaining unyielding in our pursuit of those facilitating evasion of the price cap,” Adeyemo stated.

The new sanctions involve freezing any US assets of the targeted companies and vessels and generally prohibit American entities from engaging in transactions with them.