Treasury Department Sanctions 2 Shipping Firms for Violating Price Cap on Russian Oil

The Treasury Department imposed sanctions on 2 shipping companies for violating the $60/barrel cap on Russian oil.

The price cap aims to cut Russia's oil revenue amid the Ukraine invasion.

Sanctions were placed on Turkish firm Ice Pearl Navigation and UAE's Lumber Marine.

The sanctions block US entities from dealing with the 2 firms.

Officials said the sanctions are a warning to other shippers violating the price cap.