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Thu, 21 Dec 2023

Taking Further Actions in Support of the Coalition Price Cap Policy
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Taking Further Actions in Support of the Coalition Price Cap Policy

Press Statement

December 20, 2023

The United States is designating a Government of Russia-owned ship manager as well as three oil traders involved in the seaborne export of Russian crude oil. Today’s designations follow similar actions by our partners in the Price Cap Coalition to degrade Russia's ability to fund its illegal war against Ukraine while keeping oil markets stable.

Traders and other participants in the seaborne transport of Russian oil must adhere to the compliance guidelines agreed upon by the Price Cap Coalition in order to use Price Cap Coalition service providers. The United States, alongside our Price Cap Coalition partner, is committed to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary.

The Department of the Treasury actions were taken pursuant toExecutive Order 14024for operating or having operated in the marine sector of the Russian Federation economy or for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of the Russian Federation. Treasuryalso updateditsGuidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin, implementing changes to strengthen the attestation and recordkeeping processes for certain covered service providers. For more information on these designations, see Treasury'spress release.

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<section class="wp-block-default-hero-container wp-block-default-hero-container--no-featured-content "><div class="wp-block-default-hero module featured-content page-header "><div class="row bc_row"><div id="breadcrumb__wrapper"><div id="breadcrumbs" class="ltr"><div class="bc_content"><a class="bc_home" href="https://www.state.gov">Home</a><span class="bc_carat"></span><span class="bc_middle collapse"><a href="https://www.state.gov/bureaus-offices/under-secretary-for-public-diplomacy-and-public-affairs/bureau-of-global-public-affairs/office-of-the-spokesperson/">Office of the Spokesperson</a><span class="bc_carat"></span><a href="/press-releases/">Press Releases</a></span><span class="bc_ellipse">…</span><span class="bc_carat"></span><span class="bc_current collapse">Taking Further Actions in Support of the Coalition Price Cap Policy</span></div><div class="bc_hide">hide</div></div></div><script type="text/javascript">if(window.jQuery) {jQuery( document ).ready(function() {if (jQuery(".bc_middle").hasClass("collapse")) {jQuery(".bc_ellipse").click(function(){jQuery(".bc_hide").toggleClass("visible");jQuery(".bc_middle").toggle();jQuery(".bc_ellipse").toggle();jQuery(".bc_content").toggleClass("noflex");jQuery(".block_breadcrumbs_content").toggleClass("noflex");});jQuery(".bc_hide").click(function(){jQuery(".bc_hide").toggleClass("visible");jQuery(".bc_middle").toggle();jQuery(".bc_ellipse").toggle();jQuery(".bc_content").toggleClass("noflex");jQuery(".block_breadcrumbs_content").toggleClass("noflex");});} else {jQuery(".bc_ellipse").hide();}});}</script></div><div class="row" dir="ltr"><div class="featured-content__copy"><h1 class="featured-content__headline stars-above">Taking Further Actions in Support of the Coalition Price Cap Policy</h1><div class="article-meta"><p class="article-meta doctype-meta">Press Statement<p class="article-meta__audience"><p class="article-meta__location"><p class="article-meta__publish-date">December 20, 2023</div><div class="page-header__actions"></div></div></div></div></section><div class="wp-block-paragraph">The United States is designating a Government of Russia-owned ship manager as well as three oil traders involved in the seaborne export of Russian crude oil.  Today’s designations follow similar actions by our partners in the Price Cap Coalition to degrade Russia's ability to fund its illegal war against Ukraine while keeping oil markets stable.</div><div class="wp-block-paragraph">Traders and other participants in the seaborne transport of Russian oil must adhere to the compliance guidelines agreed upon by the Price Cap Coalition in order to use Price Cap Coalition service providers.  The United States, alongside our Price Cap Coalition partner, is committed to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary.</div><div class="wp-block-paragraph"><em>The Department of the Treasury actions were taken pursuant to<a href="https://www.federalregister.gov/documents/2021/04/19/2021-08098/blocking-property-with-respect-to-specified-harmful-foreign-activities-of-the-government-of-the" target="_blank" rel="noreferrer noopener">Executive Order 14024</a></em><span class="icon-external" title="external link icon" role="img" aria-label="external link icon"></span><em>for operating or having operated in the marine sector of the Russian Federation economy or for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of the Russian Federation. Treasuryalso updatedits<a href="https://ofac.treasury.gov/media/931036/download?inline" target="_blank" rel="noreferrer noopener">Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin</a></em><span class="icon-external" title="external link icon" role="img" aria-label="external link icon"></span><em>, implementing changes to strengthen the attestation and recordkeeping processes for certain covered service providers. For more information on these designations, see Treasury's<a href="https://home.treasury.gov/news/press-releases/jy2008" target="_blank" rel="noreferrer noopener">press release</a></em><span class="icon-external" title="external link icon" role="img" aria-label="external link icon"></span><em>.</em></div><div style="height:70px" aria-hidden="true" class="wp-block-spacer"></div><div class="wp-block-tags-block"><div class="row"><div class="related-tags"><p class="related-tags__label">Tags<div class="related-tags__pills"><a target="_self" href="https://www.state.gov/bureaus-offices/under-secretary-for-economic-growth-energy-and-the-environment/bureau-of-economic-and-business-affairs/" class="blockbutton button--pill">Bureau of Economic and Business Affairs</a><a target="_self" href="https://www.state.gov/bureaus-offices/under-secretary-for-political-affairs/bureau-of-european-and-eurasian-affairs/" class="blockbutton button--pill">Bureau of European and Eurasian Affairs</a><a target="_self" href="https://www.state.gov/subjects/compliance/" class="blockbutton button--pill">Compliance</a><a target="_self" href="https://www.state.gov/subjects/economic-affairs/" class="blockbutton button--pill">Economic Affairs</a><a target="_self" href="https://www.state.gov/policy-issues/economic-prosperity-and-trade-policy/" class="blockbutton button--pill">Economic Prosperity and Trade Policy</a><a target="_self" href="https://www.state.gov/bureaus-offices/under-secretary-for-public-diplomacy-and-public-affairs/bureau-of-global-public-affairs/office-of-the-spokesperson/" class="blockbutton button--pill">Office of the Spokesperson</a><a target="_self" href="https://www.state.gov/countries-areas/russia/" class="blockbutton button--pill">Russia</a><a target="_self" href="https://www.state.gov/countries-areas/ukraine/" class="blockbutton button--pill">Ukraine</a></div></div></div></div>

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