This month, 1,000 people chose to support the Kyiv Independent. Can we count on you, too?
Become a member
Skip to content
Edit post

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)
This audio is created with AI assistance

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.
Let’s see how far we can go?
We’ve been amazed by your support. We’ve reached our initial goal of finding 1,000 new paying members. We still have till the end of our birthday campaign — with more support, we can do even more good journalism. Over 13,000 people are standing behind us. Can we count on you, too?
Show us support this birthday month
Become a member
visa masterCard americanExpress

News Feed

MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.