"U.S. Imposes Sanctions on UAE Shipping Firm for Breaching Russian Oil Price Cap"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken its first oil price cap enforcement action of 2024 against UAE-based shipping company Hennesea Holdings Limited for violating the price cap by carrying Russian crude oil purchased above the $60 threshold. OFAC has designated all property and interests in property of Hennesea in the US as blocked, and prohibited transactions involving any blocked property. The US, G7, EU, and Australia have agreed to prohibit the importation of crude oil and products from Russia unless purchased and sold below the designated price cap.