The U.S.-led coalition enforcing a $60 per barrel price cap on Russian oil shipments in response to the Ukraine invasion has announced stricter compliance measures. The Treasury Department revealed changes that will compel Western maritime service providers to obtain declarations from counterparts, confirming adherence to the price cap each time they handle Russian oil. This move aims to thwart Russian exporters attempting to bypass the cap. The Treasury also imposed sanctions on a Russia-owned ship manager and three oil traders involved in Russian oil trade, alleging frequent participation in transporting oil above the cap. The new measures seek to increase the complexity of circumventing the price cap and raise costs for non-compliant Russian exporters. The ongoing effort by the U.S. reflects its commitment to supporting stable energy markets while reducing Russian revenues for funding the war against Ukraine. The price cap has redirected much of Russia's seaborne exports to China and India, although these countries continue to purchase oil from sanctioned companies and entities ignoring the measures.

SOURCE:GOOGLE