Two ships transported Russian oil at a price of more than $60 a barrel, the maximum price set by this coalition, according to the Office of Foreign Assets (Ofac), which reports to the US Treasury Department.
The United States announced on Thursday the first sanctions against two companies for failing to comply with the cap on Russian oil prices, almost a year after several Western countries introduced this mechanism. Two ships transported Russian oil at a price of more than $60 a barrel, the maximum price set by this coalition, according to the Office of Foreign Assets (Ofac), which reports to the US Treasury Department. The SCF Primorye, owned by a company based in the United Arab Emirates, transported oil purchased for $75 a barrel, while the Yasa Golden Bosphorus, owned by Turkey, transported oil purchased for $80 a barrel was purchased, according to this press release.
These two tankers, now considered “restricted properties” by Washington, “used service providers based in the United States to transport oil of Russian origin,” it said. Consequently, these two companies, Lumber Marine SA and Ice Pearl Navigation Corp, are the targets of these economic sanctions, which block their assets in the United States and prevent them from carrying out commercial activities there. This action “demonstrates our continued commitment to reducing Russia’s resources for its war against Ukraine and enforcing price caps,” Deputy Treasury Secretary Wally Adeyemo was quoted as saying in the statement.
“We remain committed to implementing a price cap policy that has two goals: reducing the profits from oil sales that Russia relies on for its unjust war against Ukraine and maintaining global oil markets. Stable and well-supplied energy,” he added.
45% decline in Russian oil tax revenue
Russian oil tax revenue fell by 45% between January and August this year compared to 2022, according to a press release from the coalition countries, also published on Thursday.
The price cap mechanism requires Russia to sell its oil at a maximum price of $60 per barrel to coalition member countries – Australia, Canada, the European Union, France, Germany, Italy, Japan, the United Kingdom and the United States. Insurers and reinsurers are therefore prohibited from covering the sea transport of Russian oil unless it is sold at a price below the maximum price.