U.S. imposes fresh sanctions over shipment of Russian oil above price cap. To eliminate loopholes in the system that are intended to penalize Moscow for its conflict in Ukraine, the United States of America slapped fresh penalties on Friday that were tied to the price ceiling on Russian oil. These sanctions targeted three businesses and three oil ships.

The United States Treasury Department charged those specifically targeted on Friday with utilizing Western marine services such as shipping, insurance, and financing while transporting Russian crude oil at prices higher than the $60 per barrel price ceiling.

The Group of Seven wealthy nations, the European Union, and Australia set a ceiling of sixty dollars per barrel for seaborne shipments of Russian crude in December of last year. The system prevents Western firms from providing services for oil sold at a price higher than the limit.

According to the Treasury Department, the boats N.S. Champion, Viktor Bakaev, and H.S. Atlantica transported Russian Urals petroleum with a price per barrel more significant than $70.

The request for comment sent to the Russian Embassy in Washington was not immediately met with a response. While transporting oil of Russian provenance, the Treasury Department issued a statement stating that the vessels utilized “U.S.-person” services. However, the statement did not include any other information.

According to the agency, Sterling Shipping, located in the United Arab Emirates, is the current registered owner of the N.S. Champion.

According to the statement, the registered owner of Viktor Bakaev is Streymoy Shipping Limited, which is situated in the United Arab Emirates, and the registered owner of H.S. Atlantica is H.S. Atlantica Ltd, which is based in Liberia. When a request for comment was made to Sterling Shipping, the company did not immediately respond. According to Reuters, the company could not promptly locate contacts for the other two firms.

Any property and interests of the mentioned tankers and owners located in the United States or the hands of U.S. persons are prohibited under the sanctions, and the assets in question must be disclosed to the Office of Foreign Assets of the Treasury.

As the United States strives to execute the punitive measures it has placed on Russia as a result of Russia’s invasion of Ukraine last year, this was Washington’s most recent sanctions action, which consisted of cracking down on the shipping of oil that sold at prices that were higher than the price ceiling.

“Enforcement of the price cap on Russian oil is a top priority for the United States and our coalition partners,” said Treasury Deputy Secretary Wally Adeyemo in the statement in which he was quoted.

“By targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia’s profits from oil while promoting stable global energy markets.”

The Treasury Department also gave a general license, which authorized restricted safety and environmental activities involving those targeted. These transactions included transactions essential for the safe docking and anchoring of the prohibited boats and were valid until February 29.