U.S. Hits UAE, Türkiye-Based Tanker Owners With First Sanctions Under Russian Oil Price Cap

Washington D.C./13.10.23/Turan:  The United States on Thursday imposed first sanctions on two owners of tankers that carried Russian oil above the G7 price cap of $60 a barrel, TURAN's Washington correspondent reports.

The Biden's administration said it had placed sanctions on Türkiye-based Ice Pearl Navigation SA, owner of the Yasa Golden Bosphorus, and on UAE-based Lumber Marine SA, owner of the SCF Primoyre. They are accused of conducting port calls in Russia, using U.S.-based service providers while transporting the Russian origin oil above the price cap.

"The United States is also identifying those vessels as blocked property. This action demonstrates our vigilance in monitoring compliance with the price cap policy.

That policy promotes global market stability while limiting Russian government oil revenue as Russia carries out its unjust war against Ukraine, which drove up global energy prices. We will continue to take action to uphold the price cap and support compliance," State Department's Spokesperson Matthew Miller said in a statement.

Additionally, the Price Cap Coalition has issued an Advisory for the Maritime Oil Industry and Related Sectors, directed at both governments and private-sector actors. 

The Advisory provides actionable recommendations, and reflects our commitment to promote responsible practices in the industry and enhance compliance with the price caps on crude oil and petroleum products of Russian Federation origin, put in place by the G7, the EU, and Australia.

Miller went on to conclude, "Since our Coalition implemented the price cap policy, our objectives have been clear: reduce Russian revenues used for its war against Ukraine while promoting global energy market stability. Nearly ten months into implementation of the price cap, we are confident it is achieving these twin goals"

Alex Raufoglu