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US imposes sanctions on three companies and vessels for carrying Russian oil above price cap

“Enforcement of the price cap on Russian oil is a top priority for the United States and our Coalition partners,” said Deputy Treasury Secretary Wally Adeyemo.
Russia oil tanker ban sanction
Russian oil tanker in east Siberia.
US imposes sanctions on three companies and vessels for carrying Russian oil above price cap

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has implemented new sanctions against three companies from various countries and three vessels engaged in operations to sell Russian oil above the established price caps, OFAC announced on 1 December.

“Today, the US 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 read.

In 2022, the US, G7 countries, and Australia imposed a cap of $60 per barrel, seeking to limit Russia’s revenues from seaborne oil exports to reduce its ability to finance the war in Ukraine.

“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,” OFAC reported.

Furthermore, these three vessels, while transporting crude oil of Russian origin, utilized services from the United States. They were blacklisted for this violation.

Additionally, sanctions have been imposed on Sterling Shipping Incorporated and Streymoy Shipping Limited, both based in the United Arab Emirates, and the Liberian company HS Atlantica Limited. According to the OFAC, these firms are the registered owners of the three vessels involved in transporting Russian oil.

“Enforcement of the price cap on Russian oil is a top priority for the United States and our Coalition partners. By targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia’s profits from oil while promoting stable global energy markets,” said Deputy Treasury Secretary Wally Adeyemo.

In October, the US Treasury Department imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap.

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