Balanced News: Treasury Department’s hunt for Russian oil sanction violators on the seas is intensifying

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned three vessels and shipping companies for violating Russian oil sanctions. This comes as part of a larger probe into approximately 30 ship management companies suspected of violating a price cap on Russian oil. The Treasury is seeking to cut off the Kremlin’s access to oil profits and hold shipping companies accountable for compliance. However, the investigation has revealed complexities in the guidelines and a murky marine industry. The location of the shipping companies may differ from the location of the beneficial owner, and there are grey areas in the Treasury’s guidelines for Russian oil trade.