Taking Further Actions in Support of the Coalition Price Cap Policy

The United States is designating a Government of Russia-owned ship manager as well as three oil traders involved in the seaborne export of Russian crude oil.  Today’s designations follow similar actions by our partners in the Price Cap Coalition to degrade Russia’s ability to fund its illegal war against Ukraine while keeping oil markets stable.

Traders and other participants in the seaborne transport of Russian oil must adhere to the compliance guidelines agreed upon by the Price Cap Coalition in order to use Price Cap Coalition service providers.  The United States, alongside our Price Cap Coalition partner, is committed to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary.

The Department of the Treasury actions were taken pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy or for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of the Russian Federation.  Treasury also updated its Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin, implementing changes to strengthen the attestation and recordkeeping processes for certain covered service providers.  For more information on these designations, see Treasury’s press release.