News Before Its News
About Us | Ocnus? |

Front Page 
 Dark Side
 Defence & Arms
 Light Side

Business Last Updated: Dec 6, 2023 - 11:21:12 AM

US sends notices to 30 ship managers over suspected Russia oil violations
By Reuters, 14/11/2023
Nov 14, 2023 - 2:44:10 PM

Email this article
 Printer friendly page

The U.S. Treasury Department has sent notices to 30 ship management companies requesting information for more than 100 vessels it suspects of transporting Russian crude oil above the Western oil price cap, according to a source who has seen the documents.

The notices, sent by the Office of Foreign Assets Control to ship management companies in about 30 countries on Friday, represent the biggest step of its kind by the United States since Washington and its allies imposed the price cap last year aimed at restricting oil revenues to Moscow as punishment for its invasion of Ukraine, the source said. The requests for information are a routine step in sanctions investigations.

The Treasury Department did not immediately respond to a request for comment.

The Group of Seven rich countries, the European Union and Australia imposed the $60 per barrel cap last December on sea-borne exports of Russian crude to punish Moscow for its war on Ukraine. It bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap.

The price cap has caused a shift in global markets as China and India purchase Russian oil, much of which had traditionally gone to Europe and other markets. A rally in global oil prices this year has meant much of Russian oil has traded above the cap.

U.S. officials have said the cap has imposed extra costs on Russia for a “ghost fleet” of aging tankers, longer voyages and reliance on non-Western maritime services that have cut into the revenues it can spend on the war.

Source:Ocnus.net 2023

Top of Page

Latest Headlines
US 2023 Foreign Investment into China – Data Analysis on Deals, Values, M&A and Investments
Russian Energy Industry Faces Looming Investment Crisis
Dark’ tanker oil transfers rise further with suspected sanctioned trades
US Consolidates Its Leading Position as World’s Largest LNG Exporter
More box ships diverting to Suez Canal routes as Panama restrictions tighten
Economic Casualties of the Ukraine War
Russia’s oil trade with India faces currency obstacle
Panama Canal holds first auction for vessels in queue
Ukraine is shipping more grain through the Black Sea despite threat from Russia
Currency clashes sour Russia’s oil trade with Asia