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The US sanctions two companies for violating the price ceiling for Russian oil

2023-10-12 19:08:03, Kosova & Bota CNA

The US sanctions two companies for violating the price ceiling for Russian oil

The US Department of the Treasury has imposed sanctions on two companies, which were violating the ceiling price set last year by Western countries on Russian oil.

Ships owned by companies based in the United Arab Emirates and Turkey are said to have breached the price ceiling set in December by the Group of Seven (G7) nations, the European Union and Australia.

The coalition imposed a price ceiling of $60 a barrel on Russian crude, aimed at limiting Moscow's oil revenues, money Russia can use to finance its invasion of Ukraine.

The ship, owned by Emirates-based Lumber Marine, was found to have violated the price ceiling policy, the US Treasury Department said. This vessel was carrying crude oil of Russian origin valued at more than $75 per barrel, the Treasury said in a statement on October 12.

The US said it had also sanctioned Turkey-based Ice Pearl Navigation after it said one of its ships had been carrying crude oil at a price of more than $80 a barrel.

The price ceiling prohibits Western companies from providing maritime services such as ship insurance, financing and transportation of Russian oil exports priced at more than $60 a barrel. The coalition has implemented these sanctions to limit Russia's income while at the same time allowing Russian oil to reach the markets./ REL





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