US sanctions three UAE shipowners and tankers over Russian price cap breaches

The US Treasury on 16 November sanctioned three UAE-based companies, Kazan Shipping Incorporated, Progress Shipping Company Limited and Gallion Navigation Incorporated, and identified their tankers Kazan, Ligovsky Prospect and NS Century as blocked property. Treasury says the ships carried Russian crude priced above the $60-a-barrel cap after it took effect in December 2022, while using services from US persons. The firms were designated under Executive Order 14024 for operating in Russia's marine sector. The action follows a Price Cap Coalition advisory to the maritime oil industry published on 12 October.

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