Overview

• The US Treasury has sanctioned UAE-based shipping company Hennesea Holdings for violating the oil price cap on Russia, marking the first such enforcement this year.
• The sanctions block all property and interests in property under Hennesea's name in the US and bar any US person from doing business with the firm.
• The Treasury also designated 18 of Hennesea's vessels, including the HS Atlantica, which had previously been identified for transporting Russian crude priced above the $60 per barrel oil cap.
• The price cap was instituted by the US and its democratic allies in December 2022 to punish Moscow for its war in Ukraine and limit its revenue.
• The move is part of an international effort known as the Price Cap Coalition, which aims to maintain a reliable supply of crude oil and petroleum products in the global market while reducing the effectiveness of one of Russia's most important revenue sources.