U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The U.S. has imposed new sanctions on alleged violators of its price cap on Russian oil and tightened compliance rules for insurance firms and shippers that move it. Firms from the United Arab Emirates and Hong Kong have been identified for economic sanctions. Last year the United States, European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit on what Russia could charge for its oil. The Price Cap Coalition also announced Wednesday that it will soon require that relevant service providers receive attestations from their counterparties each time they lift or load Russian oil.