Sanctions
Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines the impact of this sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government.
Iran’s oil exports robust in April but sanctions may yet bite
The US has sanctioned 25 tankers and four LPG carriers year to date owing to Iran links. These measures have thus far not had a major impact on exports of crude and condensates, according to preliminary figures from tanker trackers at UANI, but the effect could become more pronounced the coming months
High freight premiums to ship Russian crude supercharge profits for sanctioned trades
Freight assessments from Argus Media highlight challenges facing Western regulators in enforcing the G7 price cap on Russia’s oil and shipping sector
US applies more pressure on Russia’s Arctic LNG 2 as fresh sanctions target hundreds of entities
The US announced hundreds of fresh designations on Wednesday, including several aimed at Novatek’s Arctic LNG 2 project, which is already being hampered by Western sanctions
Parallel fleet of dark tankers shipped just over half of Russian oil in April setting fresh record
Sixty-four percent of tankers calling at the Federation’s ports in April, measured by deadweight, had no known P&I insurance
‘Leaky’ Russia oil price cap being ‘breached left and right’, UK parliamentary inquiry told
The Treasury Select Committee, investigating whether Russian sanctions are working, was told of the parallel fleet operating outside G7 countries’ control to ship Russia’s crude and evade sanctions
Italian shipping lawyer joins criticism of EU sanctions on Russia
‘Shipping is a very old market and people who are a little bit too smart have always been there. The problem is, if you want to really cope with the situation, you need a lot of expertise,’ argues Enrico Vergani in an interview
Insurers tell UK government that oil price cap is ‘increasingly unenforceable’
Shipping’s P&I clubs have been struggling with the requirements of the G7 oil price cap since its inception. But as the UK government prepares to examine whether Russian sanctions are working, shipping’s insurers have gone on the offensive to explain why the price cap is flawed and is driving more ships directly into the dark fleet
US lifts sanctions on Türkiye-owned Yasa tanker
The tanker and its registered owner were removed from the US sanctions list
Venezuela sanctions reversal expected to redirect oil to China on clandestine tankers
Demand for long-haul tankers in the mainstream market could be affected as more Venezuelan crude shifts back to the dark fleet. But the limited volume of these cargoes will minimise the impact
US targeting of Iranian oil shipments continues as major front is hit by sanctions
The US is continuing to slap sanctions on ships and companies facilitating sales of Iranian oil for the benefit of the regime’s armed forces. Almost 30 vessels have been targeted by Ofac since the year began
Gas carrier fleet shipping Iranian LPG expands as exports boom
Scrutiny of Iran’s sanctioned energy trade tends to centre on the oil exports and the dark fleet servicing it. However, robust Chinese demand, coupled with growing Iranian output and deep discounts have propelled Iran’s liquid petroleum gas exports far above pre-sanctions levels, helped by a growing fleet of ageing gas carriers
India allows three more Russian entities to provide marine insurance
Move will facilitate imports of crude in face of Western price cap
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