U.S. Aims to Tighten Price Cap Enforcement by Targeting Non-G7 Shipowners
International Trade attorney Jonathan Epstein spoke to S&P Global Commodity Insights about the recent U.S. sanctions on foreign tank owners. These sanctions aim to prevent the breaching of the Russian oil price cap by targeting companies involved in transporting Russian crude exports above the specified price threshold. Mr. Epstein noted that these sanctions serve as a warning to the maritime industry, emphasizing the need for compliance with the established price limits.
"We knew that the U.S. government had been warning entities in some countries of the risk of sanctions for helping Russia evade the price caps", he said.