2023-10-12 13:55:00
Photo: Egor Aleev/TASS
Moscow. October 12. INTERFAX.RU – The United States has imposed blocking sanctions once morest two companies whose ships transported Russian oil sold above the price cap established by the G7 countries, the US Treasury Department’s Office of Foreign Assets Control (OFAC) said in a statement.
In particular, restrictions were imposed once morest Ice Pearl Navigation Corp. (Türkiye) and Lumber Marine SA (UAE).
According to OFAC, the SCF Primorye, which is owned by Lumber Marine SA, transported Russian Novy Port oil from a Russian port at a price above $75/barrel. In turn, YasaGolden Bosphorus, owned by Ice Pearl Navigation, transported Russian oil at a price above $80/barrel.
Both defendants used the services of American companies during transportation.
The department emphasizes that following the imposition of sanctions once morest Ice Pearl Navigation Corp. and Lumber Marine SA, their property was recognized as “blocked”. Any structures that are 50% or more owned by sanctioned legal entities are also blocked.
As reported, the G7 and EU countries, trying to limit Moscow’s income from oil sales but maintain its presence in the market, banned their companies from transporting Russian oil and providing services related to its transportation if the raw material is not sold according to the price cap established by their governments ( from December 5 – $60 per barrel). The Russian Federation has prohibited its companies from selling raw materials if the contracts contain a “ceiling” condition. For petroleum products, the price cap came into force on February 5, 2023; for light petroleum products it remains $100 per barrel, for heavy petroleum products – $45/bbl.
At the same time, according to the International Energy Agency (IEA), once morest the backdrop of rising world oil prices, as well as the restructuring of supply chains, the cost of Urals since July 24 on average exceeds the “price ceiling” parameters. At the end of September, its average price exceeded the price cap by $20 and amounted to more than $80 per barrel.
The US Treasury emphasized back in August that the “price ceiling” remains a working tool and continues to limit Russian incomes. However, at the end of September, the head of the department, Janet Yellen, said that the effectiveness of the mechanism had decreased. She stressed that the United States, together with partners, will consider additional steps over time that might make existing measures more effective.
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