U.S. Hits Shadow Fleet Shipping Company With Sanctions For Russia Oil Price Cap Violations

The United States on Thursday took its first oil price cap enforcement action of the year, hitting a UAE-based shipping firm with sanctions after it transported Russian crude oil above the $60 per barrel price cap, TURAN's Washington correspondent reports.

The latest sanctions targeted a company named Hennesea Holdings Limited and its 18 vessels that the U.S. Treasury now considers blocked property. American firms and people can no longer conduct business with them.

“No one should doubt our coalition’s commitment to stopping those who help the Kremlin,” said Treasury Deputy Secretary Wally Adeyemo.

"Today’s action demonstrates that violating the price cap will result in consequences." State Department's Spokesperson Matthew Miller said in a separate statement. 

"Alongside our Price Cap Coalition partners across the G7, European Union, and Australia, we are steadfast in our commitment to hindering evasion that helps Russia fund its illegal war against Ukraine," Miller added.