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SaltWire's Atlantic regional weather forecast for October 12, 2023 | SaltWireWASHINGTON - The Biden administration imposed sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one based in the United Arab Emirates, the U.S. Treasury said on Thursday.
The United States and other G7 countries and Australia imposed the cap late last year, seeking to reduce Russia's revenues from its oil sales as part of sanctions for its war on Ukraine. The cap also seeks to keep oil flowing to markets. The U.S. sanctioned Turkey-based Ice Pearl Navigation SA, owner of the Yasa Golden Bosphorus, which the Treasury said carried Russian ESPO crude priced above $80 a barrel, after the cap took effect in December last year.
It also sanctioned UAE-based Lumber Marine SA, owner of the SCF Primoyre, which Treasury said was carrying Novy Port Russian crude above $75 per barrel. "Because of the actions we're announcing today, and the further actions we will take in the coming weeks and months, these costs will continue to rise and Russia's ability to sustain its barbaric war will continue to weaken," a senior Treasury official told reporters in a call.conducted port calls in Russia, used U.S.-based service providers while transporting the Russian origin oil, the Treasury said.
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