The US Treasury Department has imposed sanctions against two companies and two of their tankers for transporting Russian oil at a price higher than $60 per barrel, the agency announced on October 12, AFP reports.

The restrictions concern Lumber Marine SA, based in the United Arab Emirates, and its vessel SCF Primorye, which was allegedly carrying Russian oil at a price of more than $75 a barrel.

They also targeted the Ice Pearl Navigation Corp. based in Turkey and its oil tanker YasaGolden Bosphorus, which was allegedly carrying Russian oil at a price of more than $80 per barrel.

This is the first time Washington has imposed sanctions against an economic entity for violating the price ceiling set by the US, the EU, the Group of Seven (G7) and Australia in December 2022.

The measure was designed to ensure that sufficient crude oil would continue to flow into world markets while limiting Russia’s revenues.

Since most providers of shipping insurance and other critical services are located in the countries of the so-called Price Cap Coalition, this gives the West and its allies leverage to apply the measure.

According to the agency’s press release, two sanctioned vessels used suppliers from coalition countries.

“Today’s actions demonstrate our continued commitment to reducing Russia’s resources for its war against Ukraine and imposing a price ceiling,” said Assistant Treasury Secretary Wally Adeyemo.