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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.


The Russian oil price cap — a shipping industry users’ guide

The $60 oil price cap — which comes on top of the EU import ban on Russian seaborne crude oil and oil products, and the corresponding bans of other G7 partners — is intended to reduce the revenues Russia earns from oil. But what does this mean for shipping?

EU and G7 states seek to resolve P&I stand-off with Türkiye

P&I Clubs argue that meeting Turkish requirements on insurance cover would land them in breach of sanction regulations

Iranian tanker at centre of Greek hostage standoff unloads cargo in Syria

Aframax tanker Lana was seized off the coast of Piraeus at the behest of the US. The vessel was said to have loaded crude oil at Iran’s Sirri Island in mid-2021. The aging vessel has now docked at Syria to unload

One Hundred People 2022: Dishonourable mentions

From a blatant disregard for seafarer welfare to failures of technical and regulatory oversight — this list has it all. The ‘Dishonourable mentions’ will become a regular feature of our Top 100 list, so nominations and feedback are welcome...

Greek tanker calls expose Russia’s looming post-sanctions tonnage shortfall

Russian tankers and dark-fleet vessels accounted for 44 out of 172 voyages monitored, revealing a serious shortfall of available tonnage after December 5 if shipments do not conform with an as-yet undecided oil price cap

Jefferies expects outsized tanker earnings

Jefferies equity analyst Omar Nokta raises rate estimates and company stock price targets as he expects tanker markets to remain tight

28 Erik Woodhouse, Division for Counter Threat Finance and Sanctions

The US sanctions gatekeeper has made sanctions compliance increasingly complex, with fresh regulations on Russian oil trading and shipping, as well as existing bans in Venezuela and Iran

100 Igor Tonkovidov, Sovcomflot

A massive fleet sale to pay back Western bank loans and moves to honour bond payments despite sanctions suggests Mr Tonkovidov is trying to plan for a return to the international market in the future, though the Russian tanker giant’s ability to trade has been significant curtailed

Recent tanker sales dominated by ‘undisclosed’ buyers

Half of all tanker sales so far this year are estimated to have been purchased for the trading of Iranian, Russian or Venezuelan cargoes 

Aframax tanker freight rates hit 17-year high ahead of Russian oil bans

Freight costs for shipping crude to Europe from the US comprise 11% of the delivered crude price. This is up from 3% in February, data shows

US updates oil price cap guidance for shipping as bans on Russian crude draw close

Bans on Russian seaborne crude imports to Europe begin December 5 witih refined products banned from February 5

Sufficient shadow tanker fleet capacity to ship sanctioned Russia crude exports

Fleet consists of more than 500 tankers over 34,000 dwt, defined owned by national fleets of Iran, Russia or Venezuela or anonymously owned and engaged in sanctioned trades

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