Posted on 10/17/2023 8:15:39 PM PDT by texas booster
The U.S. Treasury Department has announced sanctions on two companies for allegedly violating a price cap on Russian oil agreed last year by Western countries.
Vessels owned by companies based in the United Arab Emirates and Turkey were cited as having violated a price cap set in December by the countries in the Group of Seven leading economies...
The coalition set the price cap at $60 per barrel for Russian crude to restrict income for Russian oil that could then be used to fund its invasion of Ukraine.
A vessel owned by U.A.E.-based Lumber Marine was found to have violated price-cap policy, the U.S. Treasury Department said in a news release. The vessels carried Russian-origin crude priced at more than $75 a barrel, the Treasury said in a statement on October 12.
The department also sanctioned Turkey-based Ice Pearl Navigation Corporation, saying one it its vessels carried crude oil priced above $80 a barrel.
Global oil prices have risen to around $85 a barrel in recent months.
"Today's action demonstrates our continued commitment to reduce Russia's resources for its war against Ukraine and to enforce the price cap," Deputy Treasury Secretary Wally Adeyemo said in the statement.
The cap bans Western companies from providing maritime services such as insurance, finance, and shipping to Russian seaborne oil exports sold above $60 a barrel. The coalition implemented the program to restrict Russian revenue while keeping oil flowing to markets.
Both tankers used U.S.-based service providers while transporting the Russian origin oil, the Treasury Department said.
"Because of the actions we're announcing today, and the further actions we will take in the coming weeks and months, these costs will continue to rise and Russia's ability to sustain its barbaric war will continue to weaken," a senior Treasury official told reporters.
(Excerpt) Read more at oilprice.com ...
Russian oil tax revenue was down 45 percent from January-August this year, relative to 2022, the statement said.
"Given recent price movements, the coalition is focusing on supporting compliance and enforcement of the policy," it said, adding that when it has evidence of illicit or deceptive practices related to shipments of Russian-origin crude oil, it will "respond in accordance with the respective restrictive measures."
The International Energy Agency (IEA) said on October 12 that preliminary estimates showed Russian crude oil exports last month stood at 4.9 million barrels per day, down about 100,000 bpd from the May-June average.
But it also said Russia's total exports of crude oil and products in September rose by 460,000 bpd to 7.6 million bpd, with crude accounting for 250,000 bpd of the increase.
I am so glad that we can rule world oil prices by edict, with a cap on prices bought and paid, with no time frame for a resolution.
Makes perfect sense to government economists.
Did they buy the oil as the article indicated or just transport Russian crude for cheap?
An illegitimate “government” of Evil Clowns.
If the mafia did this you would accuse them are running a protection racket.
More stupidity out of the idiot strategic-planners in DC
All price-cap and price-control schemes are doomed to failure. This one is not even on their own citizens - but Russia, with penalties randomly put on citizens of 3rd party countries. I doubt FJB and his regime will dare to sanction countries and state actors like India and China, who are freely buying Russian crude
Such meddling will never work, and only engender hatred for the US Government, and an increase in anti-US alliances among nations
The money can be sprent on EV’s.
>> Russian oil tax revenue was down 45 percent from January-August this year, relative to 2022, [a statement from the G7 and Australia said]
I used to believe things like this, taking them at face value. Now I carefully consider the possibility that they are total made-up bullshit.
You can count on The Tater for that.
Order ruzzia to take a $30 haircut per barrel? You and what army? These people really are fools.
YELLEN needs a rubber room
This just increases the incentive to find an alternative to the $US as the international currency.
The DC Globohomo Regime just accelerating its own demise.
If the mafia did this the DOJ would issue them a strongly worded letter of apology.
Thank you! Could not remember that phrase but it is perfect, looking at what Yellen is doing.
I have been wondering - does Yellen work for us, or for the EU?
Looking at her actions, I wonder.
When the big guy orders your hit, it will be because you called them "illegitimate".
No questioning the regimes' narrative.
I suspect that they like being called Evil Clowns.
to find an alternative to the $US as the international currency
I do not think that the sanctions were on state actors, but rather on Western companies that are in the G7.
So it only punishes our side, until they cough up a campaign donation or a loan ...
For these companies, they just add a few dollars to the invoice, pass it on and go on about their business.
It is almost like Yellen's controllers WANT the West to fail ...
(Not that we have ever thought that idea out loud).
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