The United States has imposed additional sanctions on Russian oil in an effort to close loopholes in the mechanism designed to punish Moscow for its involvement in the conflict in Ukraine. The new sanctions target three entities and three oil tankers that have been using Western maritime services to transport Russian crude oil above the $60-per-barrel price cap. The US Treasury Department alleges that the targeted entities have used transportation, insurance, and financing services to transport Russian oil exceeding the cap.

The vessels NS Champion, Viktor Bakaev, and HS Atlantica are accused of carrying Russian Urals crude above the $70-per-barrel threshold. The Treasury has identified the registered owners of the vessels as Sterling Shipping, Streymoy Shipping Limited, and HS Atlantica Ltd. The assets of these tankers and their owners within the United States or under the control of US individuals will be blocked.

The Treasury has also issued a general license allowing restricted safety and environmental transactions involving the entities under sanctions until February 29. The enforcement of the price cap on Russian oil is a top priority for the United States and its coalition partners, according to Treasury Deputy Secretary Wally Adeyemo.