US Sanctions UAE Shippers Over Russian Oil Cap Violations - Bloomberg
The US sanctioned three shipping companies located in the United Arab Emirates for allegedly violating the $60-per-barrel price cap on Russian oil in its second round of penalties for apparent breaches of the measure.
The Treasury Department said that three vessels — the Kazan, the Ligovsky Prospect and the NS Century — engaged in the export of Russian oil above the cap after it took effect last December. The ships used services provided by US persons while transporting the oil, a violation of the measure, Treasury said.
The companies that owned the ships, which are all based in the UAE, were sanctioned for their involvement and the vessels were identified as blocked property. The companies are Kazan Shipping Inc., Progress Shipping Company Ltd. and Gallion Navigation Inc., Treasury said.
The tankers are ultimately owned by Sovcomflot, the state-run Russian tanker company, according to data compiled by Bloomberg. As such, it’s hard to gauge how damaging the Treasury sanctions will be in practice.
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