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.
Marine insurers ‘lack resources’ to know beneficial owner
Insurance costs ‘would go through the roof’ if it crosschecked everything that’s said, according to chair of International Union of Marine Insurance’s legal and liability committee
Dark fleet tanker engine failure blocks Turkish Strait traffic
Tanker managed by India-based Geras Ship Management, whose fleet includes tankers commercially operated by Buena Vista Shipping, linked to infamous former manager, Gatik Ship Management
Regulators defend Russia sanctions after industry barbs
Regulators behind the US, EU and UK sanctions on shipping Russian oil defended their regime from industry claims the sanctions are ineffective
US targets Turkish shipping support and Arctic ambitions in latest Russian sanctions
Latest round of US sanctions has sent a warning to Türkiye over support for Russia’s maritime circumvention of sanctions while also targeting Russia’s Arctic ambitions only days after Putin lauded the development of its flagship Arctic LNG 2 project
Greed driving London brokers fixing ships for the dark fleet
London brokers and their ‘pet lawyers’ are putting greed ahead of morals by helping sell tankers into the dark fleet* through Dubai front companies, shipbroker Richard Fulford-Smith has said, calling for better enforcement
Sovcomflot transfers tankers to new non-sanctioned entity
A total of 18 vessels have been transferred over the past month by Sovcomflot to a newly created company based in Dubai. While the move effectively creates a non-sanctioned vehicle, the transfers are part of a wider internal reorganisation of the Russian tanker giant as it adjusts to long-term economic restrictions on its operations
The Lloyd’s List Podcast: Why shipping is struggling to navigate increasingly complex risks
The complexities of geopolitical risk management are a problem that shipping companies are too often ill-equipped to deal with, as well as a financial services sector that has effectively become weaponised as a result of sanctions. In fact, shipping can only expect the compliance complexities to increase from here on in
Dark fleet shipping sanctioned oil expands to 530 tankers after oil price cap breach
Global oil price gains have pushed prices for all Russian crude grades and diesel over thresholds of $60 per barrel for crude and $100 per barrel for diesel
Emerging bipolar political order will not lead to bipolar trade
The market the operates against EU and G7 policy has grown, and it will continue to be served by those who can find a lawful way to do so
Sanctions are ‘designed’ to complicate, says geopolitical risk adviser
Sanctions will continue, so will the struggle to comply with convoluted regulations
The week in charts: Shadowy ‘stolen’ grain from Azov ramps up | Rise of the battery-powered merchant ship | Greek owners active in secondhand market again in 2023
Trade in grain from Russia-occupied Mariupol and Berdiansk has risen in recent months our investigation reveals, and lithium-ion battery installations on larger ships are increasing as shipowners recognise their potential to increase vessel efficiency
Shadowy trade in ‘stolen’ grain from Russia-occupied Azov ramps up
Trade in grain from Russia-occupied Mariupol and Berdiansk has risen in recent months, adding potential sanctions headaches for grain buyers and depriving Ukraine of revenues, our investigation reveals
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