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The Independent UK
The Independent UK
National
Fatima Hussein

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Oil United States Russia Insurance
Copyright 2019 The Associated Press. All rights reserved.

The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday.

Firms across the United Arab Emirates and Hong Kong were identified for economic sanctions, including UAE-based Sun Ship Management D Ltd., which Russian state-owned fleet operator Joint Stock Company Sovcomflot owns. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy.

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