New penalties against the Sovcomflot manager and a number of oil merchants have been imposed by the US Department of the Treasury’s Office of Foreign Assets Control (abbreviated the OFAC) for their role in helping Russia avoid an oil price cap.
Sanctions were imposed on Sun Ship Management, a division of Russia’s state-owned maritime firm Sovcomflot with headquarters in Dubai. In addition to managing the 158,100 dwt Suezmax SCF Primorye — which was previously sanctioned by the US for price cap...