The intensified US campaign targeting sanctions-busting shipping companies has forced Russia to accept cut-price rates for its barrels, the Treasury Department claimed on Friday.
The US said that Russia had been left with “no good options” after launching what it called phase two of its price cap policy to target vessels and shipping companies operating outside of the scheme.
The cap, introduced in December 2022 for crude, bans G7-linked operators from involvement in trades unless barrels are sold for less than $60.
