Ghost Fleet Update: OFAC Designates Additional Vessels, Companies

On December 1, 2023, the Office of Foreign Assets Control ("OFAC") imposed sanctions on three entities and identified three vessels as blocked property that used G7 Price Cap Coalition services while carrying Russian crude oil above the Coalition-agreed price cap. These sanctions build on Treasury's previous actions, most notably including letters recently sent to nearly 100 vessels concerning potential sanctions violations, which we discussed on November 20, 2023. This new action builds on OFAC's commitment, alongside its Coalition partners, to responsibly reduce oil revenues that the Russian government uses to fund its war against Ukraine. An OFAC spokesperson stated that "[e]nforcement of the price cap on Russian oil is a top priority for the United States and our Coalition partners" and "[b]y targeting these companies and their ships, we are upholding the dual goals of the price cap by restricting Russia's profits from oil while promoting stable global