The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven's price cap on Russian oil as the crude trades over that level, sources and experts said.
Bulk carriers lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel
"The initial inclination on the part of Treasury is to be soft on it, not to come down like a hammer on tankers and tanker owners, to enforce, but enforce quietly with letters, phone calls," said a source familiar with the administration's thinking on the matter. The Treasury's Office of Foreign Assets Control says individuals or companies who evade, avoid, or violate the cap could face civil or criminal enforcement actions, including fines, and that it will work with other countries to share information about evasion.
The cap has always had two objectives: reducing Russia's revenues from oil exports, and ensuring that oil continues to flow to global markets. The administration insists the cap is effective. The State Department is "closely monitoring all vessels engaged in loading of crude oil and petroleum products from Russia, as well as potential evasion or non-compliance, including the use of deceptive practices to access coalition services for oil traded above the caps," a spokesperson said.
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