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US Sanctions Two Tankers in Breach of Russian $60/bbl Cap

OIL

The Biden administration has targeted two tankers and their owners with sanctions for being in breach of the G7 oil price cap of $60/bbl.

  • One was registered in the UAE and the other in Turkey.
  • Both ships carried Russian oil above $60 a barrel while using US maritime services, according to the Treasury.
  • The sanctions mean no US people or entities can transact with the ships or their owners.
  • US Treasury Secretary Janet Yellen had said to the WSJ earlier this week that the US intended to come down harder on price cap evasion – though similar promises in the past had fallen flat in targeting evasion.

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