US sanctions Russian 'ghost fleet' in name of capping oil prices. The sanctions target Russian national shipping company Sovcomflot, giving it 45 days to unload oil or other cargo from the 14 vessels.
This “ghost fleet” allowed Russia to reduce the impact on its revenues of the oil price capping mechanism, put in place by a coalition of Western countries. These additional sanctions are in addition to those announced earlier today by the Biden administration, which concerned more than 500 people and organizations.