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11/16/2023, 5:36 PM (Source: TeleTrader)
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US sanctions 3 UAE-based firms over oil cap violations

The United States Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions on Thursday against three companies based in the United Arab Emirates after they allegedly shipped Russian oil above the price cap of $60 per barrel established by the US and its allies.

Three vessels used by the companies are now considered "blocked property," Washington revealed.

"We are committed to maintaining market stability in spite of Russia's war against Ukraine, while cutting into the profits the Kremlin is using to fund its illegal war and remaining unyielding in our pursuit of those facilitating evasion of the price cap," Deputy Secretary of the US Treasury Wally Adeyemo said in a statement.

Baha Breaking News (BBN) / MS