OFAC Sanctions More Companies, Ships for Violating Russian Price Cap

The Office of Foreign Assets Control last week sanctioned three companies and three vessels for violating the Group of 7 price cap on Russian crude oil. The agency also issued a new general license authorizing certain safety and environmental-related transactions involving those vessels.

The designations target United Arab Emirates-based Sterling Shipping Inc., owner of the vessel NS Champion; UAE-based Streymoy Shipping Limited, which owns the Viktor Bakaev; and Liberia-based HS Atlantica Limited, owner of the HS Atlantica. OFAC said the vessels each carried Russian Urals crude oil priced above $70 per barrel after the $60 price cap took effect last year (see 2212050014).

General License No. 78 authorizes certain transactions with those companies and vessels “ordinarily incident and necessary” to their safe docking and anchoring, the health and safety of the crew and emergency repairs. Those transactions are authorized through 12:01 a.m. EST, Feb. 29.