WASHINGTON — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a
Both companies relied on U.S. service providers. As a result of the sanctions, the Biden administration is blocking the companies' ability to conduct business or access any property or financial interests in the U.S. The coalition enforcing the price cap also released a set of recommendations to improve compliance within the maritime oil industry. The guidance was aimed at countries as well as private companies. It recommends that all ships have legitimate insurance and rely on industry standard classifications, among other policies focused on stepped-up monitoring of the sector.
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