Today, the United States is designating three entities and identifying as blocked property three vessels that used Price Cap Coalition services while carrying Russian crude oil traded above the price cap. This action is part of our continued vigilance in monitoring compliance with the price cap policy. We will continue to take action to uphold the price cap and support compliance.
Since our Coalition implemented the price cap policy, we have been clear in communicating that our aim is to prevent Russia from earning a steep wartime premium on its oil sales while also maintaining global energy market stability. The price cap continues to limit the impact of Russia’s war against Ukraine on global energy markets.
The Department of the Treasury’s actions are being taken pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy. For more information on these designations, see Treasury’s press release.