US Sanctions Shipping Firms for Transporting Russian Oil Above Price Cap
- The US Treasury imposed sanctions on companies in the UAE and Turkey for transporting Russian oil above the G7 price cap.
- The price cap aims to limit Russia's oil export revenue to fund its war in Ukraine.
- The sanctioned companies relied on Western maritime services prohibited under the price cap terms.
- The US warns it will continue enforcement measures to tighten restrictions and increase costs for Russia.
- Analysts say Russia built a shadow fleet to bypass the price cap, prompting new compliance guidelines.
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