G7 attempts to clamp down on the Russian oil price cap

The US imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven 10 months ago with sanctions placed on two firms and two vessels

The US Treasury Department sanctioned United Arab Emirates-based Lumber Marine, the registered owner of SCF Primorye, and Turkey’s Ice Pearl Navigation Corp, the registered owner of the Yasa Golden Bosphorus.

The G7 and Australia detailed actions taken to enforce the price cap on seaborne Russian oil and products as well as issuing a maritime safety advisory to enhance compliance with the price caps urging all ships to seek out appropriately capitalised P&I insurance as well as ensuring they are classed by leading societies. Tanker owners were also warned to use Automatic Identification Systems responsibly while avoiding high-risk ship-to-ship transfers. The entire shipping industry was urged to undertake heightened due diligence to avoid dealing with the so-called shadow fleet.