The U.S. Department of the Treasury has imposed sanctions on maritime companies based in the United Arab Emirates (U.A.E.) for allegedly circumventing the price cap on Russian oil. Three U.A.E.-based shipping firms, including Kazan Shipping Incorporated, Progress Shipping Company Limited, and Gallion Navigation Incorporated, are accused of exporting Russian crude oil at prices exceeding $60 per barrel. The sanctions, announced by the Office of Foreign Assets Control (OFAC) on November 16, highlight the U.S. government's efforts to enforce restrictions on entities involved in transactions that surpass the designated price ceiling for Russian oil.
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