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.
It’s not yet time for Plan B on Russia shipping sanctions
Our industry is providing a second front without the shooting. Let the vice tighten slowly but surely
Iran oil exports reach record levels in May
Iran’s oil exports in May reached their highest level since early 2019, when waivers issued by the Trump administration following its reimposition of sanctions expired. Proclamations made earlier this year by the US administration to curb China’s purchases from Iran have not materialised
Western insurers cover two thirds of Russia’s Baltic and Black Sea oil exports
Greek shipowners and insurers have limited presence on Russia’s eastern seaboard where oil is selling above the Western price cap, driving trade bifurcation and rise of dark fleet of anonymously owned, vintage tankers
Cheap Russian diesel goes global, expanding shipping routes
Russian diesel, once destined for Europe, now shipped to Türkiye, Brazil, northern Africa and Middle East at substantial discount, with longer voyages and profits from arbitrage trades boosting product tanker utilisation and earnings
Sanctioned ship refloated after blocking Russia’s Caspian Sea connection
Incident represents the third time in three years the same general cargoship has cut off the flow of traffic
A Flag of Convenience is one thing. A Flag of Last Resort is another
Sanctions are only going to get more extensive. The past week shows that everybody in the industry — from Ulaanbaatar to the outskirts of Bristol — would benefit from greater situation awareness
Dark fleet operator Gatik reflags four tankers with Mongolia
Having been deflagged and removed from P&I cover because of its involvement in moving Russian oil, the world’s largest operator of dark fleet vessels, Gatik Ship Management, has turned to landlocked Mongolia to keep at least four of its tankers in business
Dark fleet tanker calls UK with India-loaded jet fuel cargo
Long range one tanker Elise, built in 2005, has records that show its second-last cargo was shipped from Novorossiysk, before taking on UK-bound jet fuel cargo at Vadinar, India
Russian foreign ministry says grain deal will be terminated if demands not met
Russia continues to use its participation in the Black Sea Grain Iniatiative as a bargaining chip to push forward progress on the facilitation of the export of its own agricultural products
US and UK sanctions shipping companies as G7 readies tighter restrictions
G7 prepares to impose fresh sanctions on Russian ships and tighten gaps that allow circumvention of existing measures
Price cap is working insists US Treasury as G7 meeting kicks off
As the G7 leaders gather in Japan to discuss new sanctions and a tightening of existing measures against Russia, the US Treasury has published a new report justifying the effectiveness of the price cap in choking Russia’s oil revenues
Dark fleet tanker loses engine power transiting Danish waters
Event adds to worries that many dark fleet tankers pose pollution and safety risks while they transit environmentally sensitive areas with refined product and crude cargoes, as they circumvent Western shipping sanctions
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