US Sanctions UAE Firm for Violating Russian Oil Price Cap

Hennesea Holdings and 18 Vessels Designated in First Enforcement of Price Cap This Year

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.