US Sanctions Related to Russia Target Entity in UAE

The US Treasury Department's website reported that "the United States imposed new sanctions related to Russia targeting an entity in the UAE and its oil tankers" on Thursday. It clarified in a statement that it "sanctioned a shipping company based in the UAE for violating the price cap on Russian crude oil exports set at $60 per barrel, marking the first executive action of its kind this year." The department mentioned that "the Office of Foreign Assets Control imposed sanctions on Hennessy Holdings, identifying it as the beneficial owner of 18 tankers that it acquired in late 2022."