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US Treasury: 100 ships in 30 countries helping Russia violate sanctions

by Lance Luo November 14, 2023 6:40 AM 1 min read
A ship in the Port of Vladivostok in Vladivostok on September 13, 2023. (NATALIA KOLESNIKOVA/AFP via Getty Images)
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The U.S. Treasury Department requested information on about one hundred ships suspected of violating Western sanctions on Russian oil, Reuters reported on Nov. 13 citing an unnamed source.

Official notices were sent by the U.S. Office of Foreign Assets Control to shipping management companies in thirty different countries on Friday.

"While we do not confirm or comment on investigations or enforcement actions, Treasury is committed to enforcing the price cap and reducing Russia’s resources for its war against Ukraine," a Treasury spokesperson said.

The price cap of $60 per barrel implemented by G7 members and led by Washington has caused a shift in global markets as China and India buy more Russian oil, often at a rate lower than market prices.

But a rally in prices this year has led to Russian oil being exported at higher value. Traders often use creative strategies to ensure maximum revenue, such as marking up shipping costs.

U.S. officials say the sanctions are still working by forcing Moscow to rely on a fleet of ‘ghost tankers’ operating under the radar.

FT: Russia avoids G7 price cap on most oil exports
Russia is growing increasingly less reliant on Western services when shipping out its oil, allowing it to more successfully avoid the $60-per-barrel price cap set by the Group of Seven (G7), the Financial Times reported on Sept. 25.
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