"Global Crackdown: Impact of US-led Oil Price Caps on Russian Shipping Industry"

The US Treasury's Office of Foreign Assets Control (OFAC) has designated Russia's state-owned shipping company Sovcomflot and identified 14 crude oil tankers as property in which Sovcomflot has an interest, aiming to reduce Russia's revenue from oil sales. This action is part of the international coalition's efforts to limit Kremlin profits and stabilize energy markets by imposing a price cap on Russian oil. The designation of Sovcomflot and the identified vessels means that all property and interests in property of these entities in the US are blocked, and transactions involving them are prohibited unless authorized by OFAC.