he U.S. Treasury Department has imposed sanctions on three maritime companies based in the United Arab Emirates (U.A.E.) and three vessels owned by the companies for shipping Russian oil sold above a price cap imposed by the world’s major economies to reduce the amount of oil revenue Moscow has to fund its war in Ukraine.

The companies and the vessels are accused of engaging in the export of Russian crude oil priced above the $60 a barrel cap. The department’s Office of Foreign Assets Control (OFAC) said in announcing the sanctions on November 16 that the vessels used “U.S.-person services while transporting the Russian-origin crude oil.”

The price cap bans Western companies from providing such services, including insurance, finance, and shipping, for Russian seaborne oil exports sold above $60 a barrel.

Read more: rferl.org

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