The US Treasury Division has put three extra delivery firms based mostly within the United Arab Emirates below sanction accusing them of carrying Russian oil priced above war-induced ceilings imposed by Washington and its allies.
Oil Tankers SCF Mgmt FZCO, Talassa Delivery DMCC and Zeenit Provide and Buying and selling DMCC, in addition to Liberia-based NS Chief Delivery Inc., have been focused in Washington’s second enforcement motion this yr below the worth cap regime rolled out 2022.
As a part of efforts to deprive Russia of funds that it may use in its warfare in Ukraine, worth caps have been enforced by the Group of Seven, together with the European Union, and Australia since December 5, 2022. The caps began at $60 a barrel for Russian crude earlier than increasing to incorporate refined merchandise with limits of as much as $100 per barrel. The caps for refined petroleum merchandise have taken impact since February 5, 2023.
“United Arab Emirates-based Zeenit Provide and Buying and selling DMCC bought Russian Urals crude oil in November 2023 that was priced at over $80 per barrel that it delivered utilizing the vessel NS Chief”, the Treasury mentioned in a information launch. “The NS Chief (IMO9339301) used providers offered by a lined U.S. particular person throughout this voyage.
“Zeenit and UAE-based Talassa Delivery DMCC have engaged in delivery a number of cargos collectively of crude oil of Russian Federation origin utilizing vessels that loaded in Russian ports in 2023”.
The Treasury added, “Liberia-registered NS Chief Delivery Included is the registered proprietor of the NS Chief, which made 5 port calls in Russian ports in 2023”.
“The Authorities of the Russian Federation is the last word proprietor of the NS Chief”, the Treasury mentioned. “UAE-based Oil Tankers SCF Mgmt FZCO has managed the NS Chief since September 2023, together with in the course of the November 2023 voyage throughout which the NS Chief carried above-cap crude oil of Russian Federation origin.
“U.S.-, United Kingdom-, and European Union-sanctioned SUN Ship Administration D Ltd beforehand managed the NS Chief from April 2022 to September 2023.
“Oil Tankers SCF manages oil tankers beneficially owned by the Authorities of the Russian Federation via Sovcomflot, a Russian state-owned delivery firm topic to the prohibitions of Directive 3 below Government Order (E.O.) 14024”, the Treasury mentioned referring to an EO handed April 15, 2021. The order by President Joe Biden has established a nationwide emergency below which Washington can seize belongings of entities doing enterprise within the protection and different sectors of the Russian financial system or have interaction in Kremlin-sponsored safety and democratic threats.
“Oil Tankers SCF additionally manages the U.S.-sanctioned vessels Ligovsky Prospect, Kazan, NS Century, NS Champion, and Viktor Bakaev, all of which have been concerned within the export of crude oil of Russian Federation origin priced above $60 per barrel after the worth cap took impact whereas utilizing providers offered by a lined U.S. particular person”, the Treasury mentioned.
No less than 11 Emirates-domiciled delivery companies have now been introduced by the US during the last three months to have come below worth cap sanctions. These embody Hennesea Holdings Ltd., as introduced by the Treasury January 18; SUN Ship and Voliton DMCC, as introduced December 20; Sterling Delivery Inc. and Streymoy Delivery Ltd., as introduced December 1; Gallion Navigation Inc., Kazan Delivery Inc. and Progress Delivery Co. Ltd., as introduced November 16.
All property and pursuits in property belonging to the sanctioned fleets and situated within the US or possessed by US entities have now been blocked. “As well as, any entities which are owned, instantly or not directly, 50 % or extra by a number of blocked individuals are additionally blocked”, the Treasury mentioned. “All transactions by U.S. individuals or inside (or transiting) the USA that contain any property or pursuits in property of designated or blocked individuals are prohibited until approved by a basic or particular license issued by OFAC [the Treasury’s Office of Foreign Assets Control], or exempt. These prohibitions embody the making of any contribution or provision of funds, items, or providers by, to, or for the advantage of any blocked particular person and the receipt of any contribution or provision of funds, items, or providers from any such particular person”.
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