Designating Additional Violators of Price Cap Policy on Russian Oil and Taking Steps on Russian Diamonds

The United States is taking additional action today to enforce the Price Cap Coalition’s policies by designating four entities and identifying one vessel as blocked property. Today’s action demonstrates that violating the price cap will result in consequences. Alongside our Price Cap Coalition partners, we are steadfast in our commitment to hindering evasion that helps Russia fund its illegal war against Ukraine.

The Department of Treasury also issued today two determinations related to restrictions on the importation of certain categories of diamonds mined in Russia and diamond jewelry exported from Russia.  These prohibitions are intended to implement the December 2023 G7 commitments to impose phased restrictions on the importation of diamonds mined or extracted in Russia.

Today’s action includes an oil trader and a shipowner that transported Russian oil priced above the cap while utilizing covered Coalition services, as well as a fleet manager, Oil Tankers FZCO, which manages five vessels that have previously been sanctioned for violating the price cap, and a shipping company linked to the oil trader by common management.  The price cap policy prohibits Price Cap Coalition services related to the maritime transport of oil of Russian Federation origin unless that oil is bought and sold at or below specific price caps established by the Coalition.  The Department of the Treasury designations were taken pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy. For more information on today’s action, see Treasury’s press release.