US sanctions a United Arab Emirates shipping firm for allegedly violating Russian oil price cap

Published January 18, 2024 9:24 AM

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The U.S. hit a United Arab Emirates shipping firm and its 18 vessels with sanctions after it transported Russian crude oil above the $60 per barrel price cap. U.S. firms and people can no longer conduct business with the firm. The U.S., EU, countries in the Group of Seven and Australia, imposed a $60 a barrel limit in 2022 on Russian oil. Any purchases above the cap violate the agreed-upon policy. The cap is designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network.

Article Topic Follows: AP-National

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