U.S. Sanctions UAE Shipping Firm for Violating Russian Oil Price Cap

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has targeted United Arab Emirates-based shipping company Hennesea Holdings Limited for violating the oil price cap by transporting Russian crude oil above the specified price. As a result, all property and interests in the U.S. or controlled by U.S. persons belonging to Hennesea are blocked, and transactions involving them are prohibited unless authorized by OFAC. This action is part of the international coalition's commitment to enforcing the price cap and reducing Russian Federation's oil revenues.