WASHINGTON (AP) — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap.
A ship owned by the Emirates-based company Lumber Marine carried oil priced above $75 a barrel from a Russian port.
Separately, a vessel owned by Turkey-based Ice Pearl Navigation ferried oil from Russia priced at $80 a barrel.
The administration has argued that the cap has been successful, leading to a 45% drop in Russian oil tax revenue over the past year.
The coalition enforcing the price cap also released a set of recommendations to improve compliance within the maritime oil industry.
Persons:
Biden
Organizations:
WASHINGTON, Treasury Department, European Union, Seven, United Arab, Emirates, Lumber, Pearl Navigation
Locations:
United States, Australia, Russia, Ukraine, United Arab Emirates, Turkey, U.S, Moscow