U.S. Sanctions Two Tanker Owners For Breaching The Russian Oil Price Cap

The United States has slapped sanctions on two tanker owners for carrying Russian oil sold for over $60 per barrel. This is the first time the U.S. is imposing sanctions for a breach of the price cap that the G7 and the European Union agreed to impose on Russia last year. For several months, Russian crude traded lower than the price cap anyway, which made the cap easily enforceable. This year, however, as benchmark prices began to climb so did the prices for Russian crude, and by September the gap between the G7 price cap and the actual price at…