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The original was posted on /r/worldnews by /u/UNITED24Media on 2023-11-14 08:45:07.
US probes 30 ship managers for suspected Russia oil sanctions violations
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
WASHINGTON, Nov 13 (Reuters) - The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents.
The notices, sent by the Office of Foreign Assets Control to ship management companies in about 30 countries on Friday, represent the biggest step of its kind by the United States since Washington and its allies imposed a price cap aimed at restricting oil revenues to Moscow as punishment for its invasion of Ukraine, the source said.
The Group of Seven rich countries, the European Union and Australia imposed a $60 per barrel cap last December on sea-borne exports of Russian crude.
But U.S. officials have said the cap has still imposed extra costs on Russia by forcing it to rely on a “ghost fleet” of aging tankers, longer voyages and non-Western maritime services that have cut into the revenues it can spend on the war.
The U.S. last month also imposed sanctions on owners of two tankers that had carried Russian oil priced above the cap, the first significant enforcement of the measure.
The price cap has caused a shift in global markets as China and India purchase Russian oil, often at a discount.
The original article contains 464 words, the summary contains 214 words. Saved 54%. I’m a bot and I’m open source!