OFAC imposes sanctions on entities and vessels for exceeding agreed price limit

  • U.S. sanctions three shipowners for moving Russian oil above $60/bbl cap
  • Sanctions imposed by the Office of Foreign Assets Control (OFAC)
  • Entities and vessels involved: Kazan Shipping Incorporated and Kazan vessel, Progress Shipping Company and Ligovsky Prospect vessel, Gallian Navigation Incorporated and NS Century vessel
  • Sanctions for moving Russian oil above the agreed price cap and using U.S. personnel
  • Similar sanctions imposed in October on two shipping companies and their vessel

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on three shipowners and their associated vessels for transporting Russian oil above the agreed price cap. The entities involved are Kazan Shipping Incorporated and Kazan vessel, Progress Shipping Company and Ligovsky Prospect vessel, and Gallian Navigation Incorporated and NS Century vessel. These sanctions were imposed for moving Russian oil above the agreed price cap and for using U.S. personnel to facilitate the movements. Similar sanctions were imposed in October on two shipping companies and their vessel. The OFAC is determined to hold shipping companies and vessels accountable for compliance with the price cap.

Factuality Level: 8
Factuality Justification: The article provides specific details about the sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on three entities and their associated vessels for transporting Russian oil above the agreed upon price cap. It also mentions the international coalition of countries that agreed to prohibit the importation of Russian origin crude oil and petroleum products unless the oil was priced below $60/bbl. The article includes a quote from the Deputy Secretary of the Treasury and mentions previous similar sanctions imposed in October. The information provided is specific and factual, without any obvious bias or misleading information.
Noise Level: 8
Noise Justification: The article provides relevant information about the U.S. Treasury Department’s sanctions against three entities and their associated vessels for transporting Russian oil above the agreed upon price cap. It includes quotes from Deputy Secretary of the Treasury Wally Adeyemo and mentions previous similar sanctions. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It mainly focuses on reporting the facts without providing a broader context or exploring the consequences of the sanctions.
Financial Relevance: Yes
Financial Markets Impacted: The sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on the three entities and their associated vessels may impact the oil market and companies involved in the Russian oil trade.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the imposition of sanctions on three entities and their vessels for transporting Russian oil above the agreed price cap. While this event does not involve an extreme event, it is relevant to financial markets as it may impact the oil market and companies involved in the Russian oil trade.
Private Companies: Kazan Shipping Incorporated,Progress Shipping Company,Gallian Navigation Incorporated
Key People: Wally Adeyemo (Deputy Secretary of the Treasury)

Reported publicly: www.marketwatch.com www.wsj.com