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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.

 

Latest News & Analysis
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Malawi becomes latest fraudulent registry as fake fleet grows 170%

The addition of four sanctioned tankers to a fake Malawi flag has taken the number of fraudulently registered ships to nearly 300, a 170% increase in the past 24 months

Sanctions Tankers and Gas

Samsung Heavy seeks damages from Zvezda over $3.4bn contract cancellation

South Korean builder is seeking damages through arbitration, but says the cancellation will not significantly impact its business backlog or financial outlook

Sanctions Tankers and Gas

Australia sanctions 60 Russian ‘shadow fleet’ vessels aiding Ukraine war

This marks Canberra’s first direct action against ships involved in illicit Russian oil trade. All 60 vessels have already been designated under various Western sanctions regimes, including those of the EU, UK, Canada and the US

Sanctions Ukraine crisis
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Landlocked Malawi latest flag targeted by sanctioned tankers

Malawi has emerged as the latest flag registry targeted by the shadow fleet, with four UK- and EU-sanctioned tankers broadcasting AIS messages indicating Malawi as their flag. It is not clear whether the Malawi government is aware and has authorised these registrations

Sanctions Tankers and Gas

UK slaps fresh sanctions on ‘shadow fleet’ tankers and shipmanagers

The UK government has imposed fresh sanctions on Russia, including 20 ‘shadow fleet’ tankers and two shipmanagers

Sanctions Risk and Compliance

EU plans to lower Russia oil price cap meet political headwinds

Trump appears to be unconvinced by EU and UK calls for more action over Ukraine war, but even those EU member states pushing for a stricter regime are balking at the prospect of a two-tier price cap regime

Tankers and Gas Sanctions

Pressure group UANI hails Liberian registry after removal of all Iran-linked tonnage

New York-based pressure group UANI has applauded Liberia for its ‘world-class’ compliance programme after removing vessels that appeared on the group’s watch list for moving Iranian oil

Sanctions Risk and Compliance
DATA ANALYSIS

Origin unknown: hundreds of voyages to Iraq may be fake

Amid Ofac’s increasing scrutiny of Iran’s non-crude exports, a Lloyd’s List analysis suggests almost half of calls captured via AIS to Iraq’s Khor al Zubair port were faked, in what is likely an attempt to obfuscate the Iranian origins of oil and gas cargoes

Sanctions Tankers and Gas
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EU price cap plan could force shadow fleet changes but enforcement questions remain

It remains unclear whether a lowered price cap would be a G7 plan or a solo EU move, but its effectiveness depends on whether the new price cap would be enforced, oil price fluctuations and how a realignment of sanctioned tankers vs shadow fleet and mainstream tankers plays out

Sanctions Tankers and Gas
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‘Zombie’ tanker Jaya departs China for Singapore amid signs of unsuccessful discharge

AIS draught data and satellite imagery suggest the vessel may not have discharged its cargo during its latest stop in Chinese waters

Sanctions Tankers and Gas
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Russian oil price cap set to be slashed as EU pitches latest sanctions package

European Commission proposes cutting oil price cap from from $60 to $45 per barrel, but US support will be key

Sanctions Tankers and Gas

Chinese inspection group CCIC exits Singapore as US sanctions bite

CCIC’s Singapore subsidiary has been forced to shut down and lay off hundreds of employees after being blacklisted by the US for allegedly facilitating Iranian oil trade, underscoring the far-reaching impact of US sanctions on Chinese companies operating in global energy markets

Sanctions Tankers and Gas
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