Treasury Targets Firms Ignoring $60 Cap On Russian Crude

The U.S. Treasury Department has announced sanctions on two companies for allegedly violating a price cap on Russian oil agreed last year by Western countries. Vessels owned by companies based in the United Arab Emirates and Turkey were cited as having violated a price cap set in December by the countries in the Group of Seven leading economies, the European Union, and Australia.The coalition set the price cap at $60 per barrel for Russian crude to restrict income for Russian oil that could then be used to fund its invasion of Ukraine.A vessel…