The US treasury department’s Office of Foreign Assets Control (OFAC) has imposed its first sanctions on two entities that shipped Russian crude oil above the price agreed by the Price Cap Coalition.

The coalition, which includes the US, EU, G7 and Australia, has at the same time issued an advisory on the price cap directed at both government and private sector actors involved in the maritime trade of crude oil and refined petroleum products

The coalition imposed a US$60 a barrel cap last year on the price Russia could charge for its oil with the aim of depriving Moscow of funding its military operations in Ukraine.

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