Overview

• The U.S. Treasury has imposed a new round of sanctions on firms and ships that used American service providers to carry Russian crude oil in violation of the multinational price cap.
• Sanctions were also imposed on a group of Balkan people and firms tied to Kremlin influence in the region.
• The sanctions block access to U.S. property and bank accounts and prevent the targeted people and companies from doing business with Americans.
• The U.S., along with the EU, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil.
• The cap is designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or find a costly alternative shipping network.