"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.