Sanctions

OFAC sanctions tanker owners for Russian price cap violations

Sanctions have been imposed on United Arab Emirates-based Lumber Marine and Turkiye-based Ice Pearl Navigation, which operated tankers carrying Russian cruise oil priced above USD 60 price cap.

Published

3 years ago

October 16, 2023

Admin

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Thursday (12 October) sanctioned two tanker owners and identified two vessels as blocked property that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap.

“This action underscores the Treasury Department’s commitment with its international partners to responsibly reducing Russian government oil profits and constraining the Russian war machine,” OFAC said in a statement.

The crude oil price cap took effect in December 2022 with a cap on Russian crude oil at USD 60 per barrel. The United States is part of an international coalition (the Price Cap Coalition), including the G7, the European Union, and Australia, that have agreed to prohibit the import of crude oil and petroleum products of Russian Federation origin.

OFAC said United Arab Emirates-based Lumber Marine SA’s tanker SCF Primorye carried Novy Port crude oil priced above USD 75 per barrel from a port in the Russian Federation after the crude oil price cap took effect.

Turkiye-based Ice Pearl Navigation Corp’s tanker YasaGolden Bosphorus carried ESPO crude oil priced above USD 80 per barrel after the crude oil price cap took effect.

Both the SCF Primorye (IMO 9421960) and the Yasa Golden Bosphorus (IMO 9334038), which conducted port calls in the Russian Federation, used U.S.-based service providers while transporting the Russian origin oil.

“Lumber Marine SA and Ice Pearl Navigation Corp were both designated pursuant to Executive Order 14024 for operating or having operated in the marine sector of the Russian Federation economy. OFAC also identified the SCF Primorye and the Yasa Golden Bosphorus as property in which Lumber Marine SA and Ice Pearl Navigation Corp, respectively, have an interest,” OFAC said.

“As a result of today’s action, all property and interests in property of the persons above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”

“Today’s action demonstrates our continued commitment to reduce Russia’s resources for its war against Ukraine and to enforce the price cap,” said Deputy Secretary of the Treasury Wally Adeyemo.

“We remain committed to implementing a price cap policy that has two goals: reducing the oil profits upon which Russia relies to wage its unjust war against Ukraine and keeping global energy markets stable and well-supplied despite turbulence caused by Russia’s unprovoked invasion of Ukraine. We will continue to take actions to achieve these two goals.”

In addition to today’s sanctions actions, the Price Cap Coalition has also published a Coalition Advisory for the Maritime Oil Industry and Related Sectors.

The Advisory, which is directed at both government and private sector actors involved in the maritime trade of crude oil and refined petroleum products, provides recommendations concerning specific best practices and reflects our commitment to promoting responsible practices in the industry, preventing and disrupting sanctioned trade, and enhancing compliance with the price cap.

Photo credit: tommao wang on Unsplash
Published: 16 October, 2023

Related Topics:Legal - Sanctions Others - Incident

Up Next

Singapore: Final meetings scheduled for Athena Maritime and related companies

Don't Miss

Malaysia: MMEA detains Panama-registered cargo ship over alleged anchoring violation

Incident

UK forces intercept suspected Russian shadow fleet tanker in English Channel

In the first UK-led operation of its kind, the vessel “SMYRTOS” was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

Published

3 weeks ago

June 16, 2026

Admin

UK forces intercept suspected Russian shadow fleet tanker in English Channel

British Armed Forces on Sunday (14 June) boarded a sanctioned oil tanker, suspected of being part of the Russian shadow fleet, in the English Channel, according to the Ministry of Defence.

In the first UK-led operation of its kind, the vessel SMYRTOS was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

The UK’s Prime Minister agreed in March that British Armed Forces and law enforcement officers were able to board shadow fleet vessels, in accordance with international law.

The SMYRTOS will be provisionally moved to an anchorage off the South Coast of England and will be monitored for any environmental or safety concerns.

UK’s Prime Minister Keir Starmer, said: “This operation delivers yet another blow to Russia and reminds those fueling Putin’s war in Ukraine that they cannot hide.

“I want to pay tribute to all those involved, including our Armed Forces and law enforcement officers who keep this country safe 24 hours a day, 365 days a year.”

The operation builds on recent support provided by the UK to its allies to interdict shadow fleet vessels, which included RAF and Royal Navy capabilities supporting US and French operations. The operation was conducted in close coordination with the French.

The UK has sanctioned almost 600 Russian shadow fleet vessels to date.

Photo credit: Ministry of Defence
Published: 16 June, 2026

Winding up

Singapore: LNG Alpha Shipping Pte Ltd and related companies to be wound up voluntarily

In 2024, the US reportedly imposed sanctions on LNG Gamma Shipping, LNG Delta Shipping, LNG Beta Shipping and LNG Alpha Shipping for their alleged links to Russian LNG producer Novatek.

Published

1 month ago

May 21, 2026

Admin

Several notices in the Government Gazette were published by the Director of LNG Alpha Shipping Pte Ltd and related companies on Wednesday (20 May), regarding some resolutions that were passed in relation to the winding up of the companies.

The other companies are LNG Delta Shipping Pte Ltd, LNG Beta Shipping Pte Ltd and LNG Gamma Shipping Pte Ltd.

The following resolutions were duly passed during an Extraordinary General Meeting for the companies:

AS SPECIAL RESOLUTIONS

Resolved:

That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018, and that Mr Lum Chi Lup Benny of 190 Middle Road, #17-05 Fortune Centre, Singapore 188979, be and is hereby appointed as Liquidator for the purpose of such winding-up.
That the Liquidator be and is hereby authorised (when and as soon as the debts and liabilities of the Company have been paid and satisfied or duly provided for) to distribute the assets in specie or kind among the contributories of the Company in accordance with their respective rights and interests.
That the Liquidator of the Company be and is hereby authorised to exercise any of the powers given by Sections 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018.

AS ORDINARY RESOLUTIONS

Resolved:

That the Liquidator, Mr Lum Chi Lup Benny be remunerated for the work of winding-up the Company on his normal scale of fees and that the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.
That pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018, the books, accounts and documents of the Company and those of the Liquidator shall be retained for a period of 5 years after the dissolution of the Company and, at the expiration of that period, the documents may be destroyed.

In 2024, it was reported that all four Singapore-based LNG shipping companies were sanctioned by the US for their links to the Russian LNG producer Novatek. They are all majority-owned by New Transhipment FZE, a Novatek subsidiary based in the United Arab Emirates.

Photo credit: Benjamin Child
Published: 21 May, 2026

Business

Hengli’s former Singapore trading arm begins staff layoffs ahead of potential May shutdown

According to a Reuters report citing four industry sources, the company plans to cease operations and is expected to wind down operations by late May.

Published

2 months ago

May 12, 2026

Admin

Hengli Petrochemical International, the former Singapore trading arm of Hengli Petrochemical (Dalian) Refinery, has dismissed some employees, according to a news report by Bloomberg, citing industry sources.

On 24 April, US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery, a unit of Hengli Petrochemical, saying it purchased billions of dollars’ worth of Iranian oil.

Some workers were laid off while others were offered positions in other entities, sources said.

According to a Reuters report citing four industry sources, the company plans to cease operations and is expected to wind down operations by late May.

Last month, Hengli reportedly restructured the ownership of the Singapore entity, cutting the sanctioned refinery’s stake from 100% to 5% and transferring the remainder to a Chinese government-linked firm.

Photo credit: Andy Wang on Unsplash
Published: 12 May, 2026