OFAC slaps sanctions on two Russian oil price cap busters

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on two entities and identifying as blocked property two vessels involved in carrying Russian crude oil above the price cap set by the Price Cap Coalition.

The sanctioned entities and vessels are:

• Ice Pearl Navigation Corp of Turkey and its Marshall Islands flagged vessel Yasa Golden Bosphorus
• Lumber Marine SA of Dubai, United Arab Emirates and its Liberian-flagged tanker SCF Primorye

The Price Cap Coalition countries, which include the G7, the European Union, and Australia, have agreed to prohibit the import of crude oil and petroleum products of Russian Federation origin unless that oil is bought and sold at or below the specific price caps set by the coalition.

OFAC says that both vessels used the services of Price Cap Coalition service providers and that today’s actions underscore the Treasury Department’s commitment with its international partners to responsibly reducing Russian government oil profits and constraining the Russian war machine.

In addition to today’s sanctions actions, the Price Cap Coalition has also published a Coalition Advisory for the Maritime Oil Industry and Related Sectors. The advisory, which is directed at both government and private sector actors involved in the maritime trade of crude oil and refined petroleum products, provides recommendations concerning specific best practices and, says Treasury, reflects the coaltion’s commitment to promoting responsible practices in the industry, preventing and disrupting sanctioned trade, and enhancing compliance with the price cap.

It’s pretty much a guide to the dirty tricks and sneaky moves made by sanctions evaders and how to guard against them.

• Download the advisory HERE