The United States has tightened measures to comply with the price ceiling for Russian oil
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US Treasury Office of Foreign Assets Control (OFAC) updated Guidelines for complying with Russian oil price ceilings. Also, the American authorities added to the sanctions list the Sanar 15 tanker, which flies under the Russian flag, and four companies from the UAE and Hong Kong, it follows from press release OFAC.
OFAC said authorities will now require service providers from countries that have joined the Russian oil price ceiling to obtain confirmation from their counterparties each time they load or ship Russian oil. In addition, supply chain participants will be required to provide additional costs, including insurance and freight, when requested. Suppliers must implement operational changes by February 19, 2024.
In sanctions list The US Treasury listed four companies: Hong Kong-based Bellatrix Energy Limited and Covart Energy Limited, as well as Voliton DMCC and SUN Ship Management Ltd, registered in the UAE. The first three companies, according to the department, sharply increased their share in Russian oil trade after the introduction of a price ceiling. SUN Ship sold oil from Russia at a price above the ceiling, the Ministry of Finance specified.
From December 5, 2022, the European Union, G7 and Australia introduced a price ceiling on Russian oil of $60 per barrel. On February 5, 2023, the price ceiling for Russian petroleum products came into force. As part of the 12th package of sanctions against Russia, the European Union obliged companies to inform the European Commission about the sale of tankers that can transport Russian oil at a price above the established ceiling.
Read more about sanctions in the Kommersant publication. “The EU is reprogramming Russian industry”.
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