Oct. 12 (UPI) -- The U.S. government Thursday sanctioned two entities and identified two vessels as blocked property for alleged violation of Russian crude oil price caps.
The Treasury Department announced the penalties against Lumber Marine SA and Ice Pearl Navigation Corp for carrying crude oil priced above the $60 per barrel cap that was imposed in December 2022 by a coalition of nations including the United States, the EU, G7 nations and Australia.
The YasaGolden Bosphorus, owned by United Arab Emirates-based Lumber Marine SA allegedly carried Russian oil priced above $80 a barrel while the SCF Primorye -- registered to Turkey-based Ice Pearl Navigation Corp -- carried Russian crude priced above $75 a barrel from a Russian Federation port, the Treasury Department said.
Both the vessels named in the sanctions used U.S.-based service providers while transporting Russian-origin oil, according to Treasury.
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The Treasury Department said it is also aware that Russian crude exported from Pacific ports may be trading above the price cap and may be using "covered services provided by U.S. persons."
"Today's action demonstrates our continued commitment to reduce Russia's resources for its war against Ukraine and to enforce the price cap," said Deputy Secretary of the Treasury Wally Adeyemo in a statement. "We remain committed to implementing a price cap policy that has two goals: reducing the oil profits upon which Russia relies to wage its unjust war against Ukraine and keeping global energy markets stable and well-supplied despite turbulence caused by Russia's unprovoked invasion of Ukraine. We will continue to take actions to achieve these two goals."
