The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two entities and identified two vessels as blocked property in connection with their involvement in trading Russian crude oil priced above the price cap set by the Price Cap Coalition. This action reinforces the commitment of the Treasury Department and its international partners to reduce Russian government oil profits and constrain Russia’s war efforts. The Coalition has also issued an advisory for the maritime oil industry and related sectors to promote responsible practices.
The Price Cap Coalition, which includes the G7, the European Union, and Australia, has agreed to prohibit the import of Russian-origin crude oil and petroleum products and restrict services related to the maritime transport of these products if they exceed price caps set by the Coalition. The primary goal is to reduce Russian oil profits, maintain a stable global energy market, and counteract Russia’s war against Ukraine.
The OFAC’s recent action emphasizes the importance of complying with the price cap policy and is aimed at limiting Russia’s ability to finance its ongoing conflict in Ukraine. The action follows the implementation of the crude oil price cap in December 2022, which set a cap on Russian crude oil at $60 per barrel. The SCF Primorye and the Yasa Golden Bosphorus were identified for carrying Russian crude oil priced above the cap and using U.S.-based service providers. The designated entities, Lumber Marine SA and Ice Pearl Navigation Corp, are associated with these vessels.
As a result of these sanctions, all property and interests in property of the designated entities that are in the U.S. or under the control of U.S. persons are blocked, and transactions involving such property are prohibited unless authorized by OFAC. The ultimate goal of sanctions is to bring about a positive change in behavior rather than merely to punish. For information on the process for seeking removal from an OFAC sanctions list, refer to OFAC’s Frequently Asked Question 897.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}