The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on three entities and identifying as blocked property three vessels that used Price Cap Coalition services while carrying Russian crude oil above the Coalition-agreed price cap.
“By targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia’s profits from oil while promoting stable global energy markets”
Deputy Secretary of the Treasury Wally Adeyemo
The crude oil price cap took effect in December 2022 with a cap on Russian crude oil at $60 per barrel. The vessels NS Champion, Viktor Bakaev, and HS Atlantica carried Russian Urals crude oil priced above $70 per barrel after the crude oil price cap took effect. The NS Champion, Viktor Bakaev, and HS Atlantica used U.S.-person services while transporting the Russian-origin crude oil.
United Arab Emirates-based (UAE-based) Sterling Shipping Incorporated is the registered owner of the NS Champion.
UAE-based Streymoy Shipping Limited is the registered owner of the Viktor Bakaev.
Liberia-based HS Atlantica Limited is the registered owner of the HS Atlantica.
Sterling Shipping Incorporated, Streymoy Shipping Limited, and HS Atlantica Limited were designated pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy. OFAC also identified the NS Champion, Viktor Bakaev, and HS Atlantica as property in which Sterling Shipping Incorporated, Streymoy Shipping Limited, and HS Atlantica Limited, respectively, have an interest.
