From Fortune:

The U.S. imposes sanctions on a UAE shipping firm for transporting Russian crude oil above the $60 per barrel price cap.

Treasury sanctioned Hennesea Holdings Limited and its 18 vessels for exceeding the $60 price cap. U.S. firms and people can no longer do business with them.

The U.S. is committed to punishing those who help the Kremlin, says Treasury Deputy Secretary Wally Adeyemo. Hennesea Holdings had no immediate comment.

The U.S., EU, G7, and Australia imposed a $60 per barrel limit on Russian oil in 2022.

The cap deprives the Kremlin of revenue to fund its Ukraine invasion, forcing them to either sell oil at a discount or divert money for an alternative shipping network.

Firms in the UAE, Hong Kong, and Turkey have been sanctioned for alleged cap violations. The policy aimed to prevent Putin’s invasion.

Allied nations have imposed thousands of sanctions on Russia in addition to the price cap. These sanctions target finance, technology imports, manufacturing, and Russians with government connections.



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