U.S. tightens sanctions against Russian oil

This was announced on Wednesday by the U.S. Treasury Department. The changes would make it harder for Russian exporters to circumvent the restrictions.

Since October, the United States and its allies have been imposing sanctions on entities believed to have violated the limit on Russian oil exports that came into effect late last year and was set at USD 60 per barrel. Now, U.S. officials say they have moved to the second phase of the restriction regime, which is expected to be more strict. 

“Participants in the maritime transport of Russian oil, especially Tier 1 actors like traders, must adhere to the compliance guidelines agreed upon by the Price Cap Coalition or face the consequences,” said Deputy Secretary of the Treasury Wally Adeyemo. 

The Treasury Department also imposed new sanctions on a Russian government-owned shipowner and three oil traders involved in the Russian oil trade.