June 13, 2024

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US Alarms Oil Tanker Owners With Russian Price Cap Letters

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The US Treasury’s sudden flurry of letters to tanker companies for potentially breaching a Group of Seven price cap on Russian oil trades included a warning that those who don’t comply with the probe properly could face prison.

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(Bloomberg) — The US Treasury’s sudden flurry of letters to tanker companies for potentially breaching a Group of Seven price cap on Russian oil trades included a warning that those who don’t comply with the probe properly could face prison.

The communication, sent last week by the Office of Foreign Assets Control, represents a stark change of regulatory tone from Washington, with the US and its allies having previously taken a light-touch approach to enforcement. 

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Bloomberg News

2023-11-15 02:02:01

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