The USA sanctions two shipping companies: they transported oil in violation of the price ceiling
The United States has imposed sanctions on two oil tanker companies for transporting Russian oil selling for more than $60 a barrel, the G7 “Price Ceiling” .
This is the first time the United States has imposed sanctions for failing to comply with the price cap that the G7 and European Union agreed to impose on Russia last year.
For several months, Russian crude was trading below the price limit anyway, which made the limit easily enforceable. This year, however, as benchmark prices began to rise, so too did Russian crude prices, and in September the gap between the G7 price ceiling and the actual price at which Russian crude was sold it was above 10 dollars a barrel.
Earlier this week, Treasury Secretary Janet Yellen said that the high price of Russian oil had “significantly reduced Russian revenues over the past 10 months, while promoting stability in energy markets.” Yet it appears that the cap did not reduce Russian revenue enough if further control measures were needed.
One of the sanctioned companies is Turkish Ice Pearl Navigation, which, according to the Treasury, owns a vessel carrying Russian ESPO crude selling for more than $80 a barrel.
The other United Arab Emirates-based company, called Lumber Marine SA, owned a tanker carrying a cargo of Russian Novy Port crude selling for more than $75 a barrel, Reuters reported.
“Because of the actions we are announcing today and the additional actions we will take in the coming weeks and months, these costs will continue to increase and Russia's ability to sustain its barbaric war will continue to weaken,” a Russian official told media. Treasure.
These are obviously not small fish, but real fry, companies born as part of the "Shadow Fleets" that work by transporting oil from countries at risk. The fallout from these sanctions will be minimal, because these companies could very well close down and be replaced by others.
The International Monetary Fund forecast that Russia's economy will grow 2.2% this year, an upward revision from a previous growth forecast of 1.5%. For the United States, the IMF forecasts growth of 2.1% for 2023.
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The article The USA sanctions two shipping companies: they transported oil violating the price ceiling comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gli-usa-sanzionano-due-societa-armatoriali-hanno-trasportato-petrolio-violando-il-tetto-del-prezzo/ on Fri, 13 Oct 2023 13:50:59 +0000.