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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.

Price cap coalition sets two price levels for petroleum products

The Group of Seven nations and Australia have agreed to set a price cap for Russian oil products. It will take effect on February 5 or as soon as is practicable thereafter

EU sanctions have yet to sever Russia’s sinews of war

It will be some time yet before we can know the consequences for certain. Whatever they are, there is little alternative to living with them

How tankers sold in the red-hot tanker sale and purchase market are supercharging dark fleet oil trades

The demand for elderly tankers for sanctioned Russia-based, Venezuela-based and Iran-based oil trades has lifted secondhand prices by as much as 50% across some segments over the past six months and expanded the fleet of vessels operating in the dark fleet to more than 320

China’s imports of Iranian oil near record levels as US promises pressure

China’s imports of Iranian oil remain robust amid promises from Washington to pressure Beijing and ahead of US Secretary of State Anthony Blinken’s visit to the country

Greek-owned ships load last oil from Russia over January

Dark-fleet tankers ship one third of Russian oil, with at least six newly sold elderly tankers lifting crude from the federation for the first time over the past month

Barbados defends flagging US-sanctioned tanker

The VLCC Saint Light, formerly Young Yong, found refuge at the Barbados flag after it was added to a US sanctions list in November last year, but Barbados has now made clear that the ship will be removed if class certification cannot be provided

Pressure on China to ‘intensify’ over Iranian oil imports, says US envoy

US official confirms that talks have been going on for several months with China as the US tries to isolate Iran from economic ties

IMO number declared invalid after fatal explosions on UK-insured tanker linked to vessel identity fraud

Tanker Smooth Sea 22 identified by UN Security Council report in 2021 as involved in identity laundering scam, yet remained on IMO database until January 17 casualty that killed two and left five missing triggered regulatory re-examination

Bangladesh foreign minister ‘surprised’ Russia used sanctioned vessel

Bangladesh officials are hoping Russia delivers equipment for a nuclear power plant using an unsanctioned vessel

Sanctioned Russian ship departs Indian waters after failing to unload cargo

Vessel unable to unload cargo for the Rooppur nuclear power plant in Bangladesh due to US sanctions

Panama rejects allegations that it is knowingly helping Iran violate sanctions

Panama says it is committed to complying with the sanctions regime and has cancelled several hundred ships due to measures against the financing of terrorism

Sanctions have impact on Russia’s largest box terminal operator

Movement of volumes to Russia’s far east ports fails to stem the tide. Box volumes fall by over half in final quarter of 2022

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