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Price Cap Violation

All articles tagged with #price cap violation

international-relations1 year ago

"US Expands Sanctions on Russian Oil and Launches AI Safety Consortium"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on four entities and identified one tanker for violating the price cap on Russian oil, marking the second enforcement action in 2024. The entities, including UAE-based Zeenit Supply and Trading DMCC and Talassa Shipping DMCC, are alleged to have participated in shipping Russian crude oil above the $60 per barrel price cap, set to reduce Russia's oil revenues suspected of funding its war in Ukraine. The vessel NS Leader, owned by the Russian government, was involved in the violation, leading to sanctions under Executive Order 14024 for operating in the marine sector of the Russian economy.

via gCaptain|
#global-oil-supply#international-relations#price-cap-violation
international-relations-sanctions1 year ago

"US Treasury Cracks Down on Russian Price Cap Violators and Expands Sanctions on Shadow Fleet"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on four entities and one vessel for violating the price cap on Russian oil, while also implementing G7 bans on the importation of Russian diamonds. The entities and vessel were involved in a price cap violation scheme in late 2023, and the sanctions aim to limit Russian revenue from oil and diamonds. The US is part of an international coalition that has agreed to prohibit the import of Russian oil and restrict services related to its maritime transport, with the goal of reducing Russian earnings from oil.

via Treasury|
#g7#international-relations-sanctions#price-cap-violation
business2 years ago

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.

via Treasury|
#business#ofac#price-cap-violation