The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions:
- 01 Dec 2023 (OFAC):
OFAC identified three vessels as blocked property (the "Blocked Vessels") and designated each of their respective owners, two UAE and one Liberian company, under E.O. 14024, for operating or having operated in the marine sector of the Russian Federation economy. According to OFAC, the three vessels carried Russian crude oil at prices above $60 per barrel, following the implementation of the price cap policy in December 2022. The Blocked Vessels used U.S. services when transporting the Russian-origin crude oil. These actions were taken as a part of the U.S. Department of the Treasury's commitment to reducing Russian oil profits and ensuring a reliable supply of crude oil and petroleum products to the global market.
Concurrent with these actions, OFAC issued Russia General License 78, which authorizes the safe docking and anchoring of the Blocked Vessels, the preservation of the health or safety of the Blocked Vessels' crew, emergency repairs of the Blocked Vessels, and environmental mitigation and protection activities relating to any of the Blocked Vessels until 12:01 a.m. Eastern Standard Time, February 29, 2024, subject to certain conditions.
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