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The US government sanctions two shipping companies for violating the Russian oil price cap

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The Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap

FILE - The Treasury Building is viewed in Washington, May 4, 2021. The U.S. Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap.

A ship owned by the Emirates-based company Lumber Marine carried oil priced above $75 a barrel from a Russian port. Separately, a vessel owned by Turkey-based Ice Pearl Navigation ferried oil from Russia priced at $80 a barrel. The official said that Russia has tried to build an alternative shipping network to avoid the cap, but that has proved to be expensive, with private analyses indicating that it has cost $35 per barrel of oil.

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The US government sanctions two shipping companies for violating the Russian oil price capThe Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap.
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