US imposes sanctions on UAE company for transportation of russian oil

Washington has imposed sanctions against the United Arab Emirates, which transported russian oil at prices higher than the limits set by the international coalition. This was reported by the US Treasury Department, UNN reports.

Details

Today, OFAC imposes the first oil price cap sanctions of 2024, targeting a shipping company associated with price cap violations

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We are talking about sanctions against the shipping company Hennesea, which was established at the end of 2022 and shortly before the price ceiling came into force, purchased old tankers.

They repeatedly called at russian ports and transported Russian oil and oil products.

A UAE company, as established by the US Treasury, is the ultimate owner of 18 vessels that transported russian oil at a price above $60 per barrel. They all also fell under the latest sanctions.

The sanctions include the freezing of any assets of the company located in the United States. In addition, all transactions  by American citizens or carried out in the United States in relation to this company are blocked. 

Addendum

The agency recalled that in December 2022, the West set an upper limit on the price of Russian oil exports by sea at $60 per barrel. The sanctions also prohibit Western companies from providing oil transportation services from Russia at a price higher than the ceiling.

The restriction has forced Russia to reorient its oil sales to much more distant countries, such as China and India, and to invest in "shadow fleets" of worn-out tankers that are not officially tracked.

Recall

Following the new US sanctions against russia, Chinese state-owned banks are tightening restrictions on financing russian clients, including stopping providing any financial services to the russian military.

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