The United States imposed sanctions on two vessels for transporting Russian oil at a price above the ceiling
The property of the companies-owners is recognized as "blocked", and any structures associated with them are also blocked
The United States has imposed sanctions on two companies and declared two of their vessels "blocked property" for transporting Russian oil in violation of the price ceiling.
Source. This is stated in the report of the Office of Foreign Assets Control of the US Treasury Department (OFAC).
These vessels were transporting Russian oil sold above the price ceiling set by the G7 countries. Restrictions were imposed against Ice Pearl Navigation Corp. (Turkey) and Lumber Marine SA (UAE), the report said.
The SCF Primorye vessel, owned by Lumber Marine SA, was transporting Russian oil from a Russian port at a price higher than $75/barrel, OFAC said.
The vessel YasaGolden Bosphorus, owned by Ice Pearl Navigation, was transporting Russian oil at a price above $80 per barrel.
The assets of Ice Pearl Navigation Corp. and Lumber Marine SA have been designated as "blocked," and any entities that are 50% or more owned by sanctioned entities are also blocked.
This information was confirmed by the head of the Presidential Office, Andriy Yermak. He called the decision very important.
"Russia should not have additional revenues from oil sales to spend on the war in Ukraine," he emphasized.
As part of the sanctions imposed after Russia's invasion of Ukraine, the G7 countries and the EU banned their companies from transporting Russian oil and providing transportation-related services if the price of raw materials does not meet the ceiling set by their governments, which has been $60 per barrel since December 5.
On February 5, 2023, a ceiling on oil products also came into effect: for light oil products it is $100 per barrel, for heavy oil products – $45 per barrel.
In July 2023, the average price of Russian Urals oil exceeded the price ceiling set by the EU and G7 countries in December 2022 by more than $4. In this regard, experts began to express doubts about the effectiveness of Western sanctions.
Background. As reported, Russia increased oil and gas revenues in September by 15% compared to August.
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