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.
UK contributed to ‘shadow fleet’ evolution as sanctions side effect, says Sovcomflot
On Wednesday, the UK sanctioned a further 10 tankers owned by Sovcomflot for breaching the oil price cap imposed on Russian oil and shipping. The company decries such sanctions as being completely counter-productive, arguing that trying to outlaw some ships has merely hot-housed the growth of a so-called ‘shadow fleet’ of tankers
Dark fleet tanker Mando One seen at anchor off Italy
Elderly ship is one of 30 linked to Radiating World Shipping Services and Star Voyage Shipping Services, listed by the UK government last December. Seven of the 30 tankers have been directly sanctioned this year
G7 price cap undermined as oil price drops and Russia reintroduces sanctioned tankers
Four Sovcomflot tankers designated by the US Office of Foreign Asset Control in February loaded cargoes in August, along with a fifth ship sanctioned by the EU last June
Hafnia cannot locate owner, manager or insurer of Iran-linked tanker Ceres I
Hafnia’s inability to ‘directly communicate’ with those behind the vessel Ceres I underscores the risks for vessels transiting through South China Sea. At present, as many as 40 elderly, anonymously owned and poorly regulated tankers are storing sanctioned oil in that area and appear to be manipulating vessel-tracking signals
US sanctions two LPG carriers as it targets Hezbollah-linked network
The US continued to target shipping operations related to terrorist financing Wednesday with designations that included two small LPG carriers, five companies, and three individuals
UK sanctions 10 ‘shadow fleet’ tankers shipping Russian oil
The UK has announced its third round of shipping sanctions, targeting 10 tankers it says are part of Russia’s ‘shadow fleet’. All 10 are managed by the same UAE-based company, Lloyd’s List Intelligence data shows, and were previously managed by sanctioned Sovcomflot entities
The curious case of an Iran-linked gas carrier anchored off Houston
In a rare occurrence, an Iran-linked VLGC newbuild has been anchored off Houston since June. Its operators say they received a licence from Ofac to trade in the US
US, UK announce new Iran and Russia sanctions in response to missile transfer
The US and UK introduced new sanctions on Tuesday against Russia and Iran following the latter’s decision to provide Moscow with ballistic missiles
US sanctions two more LNG carriers in Arctic LNG 2 crackdown
One of the LNG carrier was discovered last week transporting cargo from Moscow’s flagship Arctic LNG project via a ship-to-ship transfer
Russian Arctic LNG storage indicates commercial options have evaporated
Russia has turned to floating storage as a temporary solution to the restrictions on its heavily sanctioned Arctic LNG 2 project, but options beyond the initial cargoes are limited
Eswatini fleet start to reflag as UAE takes action
The Eswatini government has confirmed that it will be removing all internationally trading ships from its flag until the country has been admitted to the International Maritime Organization and has established the ‘necessary institutional and skills and capacity within government’ to operate a shipping register
How Eswatini created a shipping register by accident
The landlocked African state of Eswatini has finally conceded that the opaque ship register established in its name should not have been allowed to go ahead and is now in the process of removing its flag from vessels internationally
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