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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.

 

Iran claims sanctioned satellite services are jeopardising shipping safety

Iran’s latest complaints regarding access to Global Maritime Distress and Safety System are not expected to gain much traction inside the IMO, but the wider issue of safety and environmental fallout from sanctions is starting to concern member states

ITF designates Gabon and Eswatini flags of convenience

‘Maersk’s of this world’ don’t abandon seafarers themselves but are ‘complicit’ by using open registries, Crumlin charges

Shipment from occupied Sevastopol to Venezuela marks new direction for Russia grain trades

A sanctioned Russian bulker, owned by a sanctioned Russia firm, has loaded grain from a sanctioned occupied port and is headed to Russia’s heavily sanctioned trading partner Venezuela. The shipment comes as Russia is looking to legitimise trade lanes from occupied Ukrainian territories with its international partners

Tankers shipping Russian oil defy regulators as UK-sanctioned shipping companies disband

New technical, commercial and shipmanagement structures established to move tankers, underscoring what many describe as a giant game of regulatory ‘whack-a-mole’ under way in sanctions compliance and enforcement for the G7 oil price cap

EU tentatively targets Russian LNG

Latest round of EU sanctions will target LNG transhipment operations, but will stop short of restricting Russian gas imports amid a finely balanced energy market and warnings of energy security disruptions

Sanctioned heavy lift operator Red Box Energy ‘in communication’ with Ofac over designation

Red Box Energy, the Singapore-based module transportation services provider sanctioned last week by the US, says the decision was based on ‘inaccurate’ information

Guyana raises rogue registry warning as sanctioned tankers falsely fly its flag

Over a dozen tankers linked with Iran, including several that were recently sanctioned, are fraudulently flying the Guyanese flag. The country’s maritime administration said an organisation named the International Maritime Safety Agency of Guyana, with which it used to have a contract, has been registering ships under its flag without authorisation

Singapore and Malaysia in US Treasury’s sights over sanction enforcement

Discussions will focus on enforcing the price cap on Russian oil, halting the transhipment of critical dual-use goods, and furthering US efforts to counter terrorist financing and revenue generation by Iran and its proxies

US to launch new sanctions as North Korea breaches cap on petroleum imports

Russia is shipping refined petroleum to North Korea at levels that exceed UN Security Council limits, according to the White House, which has signalled new sanctions targeting shipments are due later this month

Iran’s oil exports robust in April but sanctions may yet bite

The US has sanctioned 25 tankers and four LPG carriers in the year to date because of links to Iran. These measures have thus far not had a significant impact on exports of crude and condensates, according to preliminary figures from tanker trackers at UANI, but the effect could become more pronounced in the coming months

High freight premiums to ship Russian crude supercharge profits for sanctioned trades

Freight assessments from Argus Media highlight challenges facing Western regulators in enforcing the G7 price cap on Russia’s oil and shipping sector

US applies more pressure on Russia’s Arctic LNG 2 as fresh sanctions target hundreds of entities

The US announced hundreds of fresh designations on Wednesday, including several aimed at Novatek’s Arctic LNG 2 project, which is already being hampered by Western sanctions

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