U.S. Treasury Sanctions Firms and Ships for Violating Russian Oil Price Cap

Additional sanctions target Balkan entities linked to Kremlin, as U.S. aims to cut off funding for Russia's war in Ukraine.

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.