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The U.S. sanctioned three Emirati shipping companies on Thursday and a Russian-controlled one registered in Liberia for violating the G7's oil price cap, according to the U.S. Treasury Department, which also blocked a tanker operated by two of them.

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OFAC also restricted the importation of two categories of diamonds mined in Russia. Non-industrial diamond imports will be prohibited, regardless of whether they have been substantially transformed in a third country, as of March 1 for some categories of diamonds and expanding on Sept. 1 to more categories.

OFAC also decided to restrict imports of diamond jewelry and unsorted diamonds originating in or exported from Russia, effective March 1.

Anthony Rapa, who co-chairs the international trade practice group at Blank Rome LLP, said&nbsp;the diamond restrictions mirror sanctions the U.S. imposed on Russian seafood in December. The inclusion of third-country processing is important,&nbsp;he said.

"The takeaway, which is kind of similar to what I would describe as the takeaway for the seafood, is that it really makes supply chain diligence very important,"&nbsp;Rapa said, adding that the additional need for compliance will probably "cascade through the supply chain."

To read the full article, please click&nbsp;<a href="https://www.law360.com/articles/1795876/us-targets-price-cap-evaders-bans-russian-diamonds">here</a>.

"U.S. Targets Price Cap Evaders, Bans Russian Diamonds," by&nbsp;Micah Danney was published in&nbsp;<a href="https://www.law360.com/articles/1795876/us-targets-price-cap-evaders-bans-russian-diamonds">Law360</a>&nbsp;on February 8, 2024.

U.S. Targets Price Cap Evaders, Bans Russian Diamonds

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U.S. Targets Price Cap Evaders, Bans Russian Diamonds

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