Image Source : AP Russian President Vladimir Putin
Washington: The US on Thursday hit a United Arab Emirates transport agency with sanctions after it transported Russian crude oil above the $60 per barrel worth cap. This is the Treasury’s first oil worth cap enforcement motion of 2024 — imposed on Hennesea Holdings Limited and its 18 vessels that the US Treasury now considers blocked property. US companies and other people can now not conduct business with them.
“Today’s actions once again demonstrate that anyone who violates the price cap will face the consequences,” stated Treasury Deputy Secretary Wally Adeyemo. “No one should doubt our coalition’s commitment to stopping those who help the Kremlin.”
A consultant from Hennesea Holdings was not instantly obtainable for remark.
Price cap
The United States, European Union, international locations within the Group of Seven and Australia imposed a $60 a barrel restrict in 2022 on Russian oil. Any purchases above the cap would violate the agreed-upon coverage. The cap was designed to deprive the Kremlin of income to fund its conflict in Ukraine, forcing the Russian authorities both to promote its oil at a reduction or divert cash for a expensive different transport community.
Last 12 months, companies throughout the United Arab Emirates, Hong Kong and Turkey had been recognized for financial sanctions based mostly on alleged violations of the worth cap. The worth cap was rolled out to equal elements scepticism and hopefulness that the coverage would stave off Russian President Vladimir Putin’s invasion of Ukraine.
In addition to the worth cap, the allied nations have hit Russia with hundreds of sanctions all through the conflict, which enters its third 12 months subsequent month. The sanctions are aimed toward financial institution and monetary transactions, know-how imports, manufacturing and Russians with authorities connections.
(With inputs from company)
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Source: www.indiatvnews.com
