OFAC Sanctions UAE Companies, Vessels for Violating Russian Price Cap
The Office of Foreign Assets Control on Nov. 16 sanctioned three United Arab Emirates-based companies and three vessels for violating the price cap on Russian oil (see 2310240068). The designations target Kazan Shipping Inc., Progress Shipping Co. Ltd. and Gallion Navigation Inc., the registered owners, respectively, of three vessels: the Kazan, the Ligovsky Prospect and the NS Century.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
OFAC said each of the vessels used U.S.-related services while transporting the Russian oil, which it traded above the $60 price cap. Shipping companies and ships that use service providers based in a country within the price cap coalition “should fully understand that we will hold them accountable for compliance,” Deputy Treasury Secretary Wally Adeyemo said.