US sanctions a United Arab Emirates shipping firm for allegedly violating Russian oil price cap

WASHINGTON (AP) — The U.S. on Thursday hit a United Arab Emirates shipping firm with sanctions after it transported Russian crude oil above the $60 per barrel price cap.

This is Treasury’s first oil price cap enforcement action of 2024 — imposed on Hennesea Holdings Limited and its 18 vessels that the U.S. Treasury now considers blocked property. U.S. firms and people can no longer conduct business with them.

“Today’s actions once again demonstrate that anyone who violates the price cap will face the consequences,” said Treasury Deputy Secretary Wally Adeyemo. “No one should doubt our coalition’s commitment to stopping those who help the Kremlin.”

A representative from Hennesea Holdings was not immediately available for comment.

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The United States, European Union, countries in the Group of Seven and Australia imposed a $60 a barrel limit in 2022 on Russian oil.

Any purchases above the cap would violate the agreed-upon policy. The cap was designed to deprive the