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Sanctions

US sanctions two major Russian oil producers in latest crackdown

US OFAC imposed sanctions against Gazprom Neft and Surgutneftegas as well as over 180 vessels that have shipped Russian oil; Gazpromneft Marine Bunker also mentioned.

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The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions against two of Russia’s most significant oil producers and exporters, Gazprom Neft and Surgutneftegas.

The actions are underpinned by the issuance of a new determination that authorises sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy.

Gazprom Neft is a Russia-based, vertically integrated oil company whose core activities include the exploration, production, and sale of oil while Surgutneftegas is a Russia-based, vertically integrated oil company whose core activities include the exploration, production, and sale of oil.

Alongside Gazprom Neft and Surgutneftegas, OFAC is designating more than two dozen Gazprom Neft and Surgutneftegas subsidiaries. 

All entities owned 50 percent or more, directly or indirectly, by Gazprom Neft, Surgutneftegas, or their subsidiaries listed, are also subject to blocking, even if not identified by OFAC.

OFAC also imposed sanctions on over 180 vessels that have shipped Russian oil. 

“Today’s actions also impose sanctions on an unprecedented number of oil-carrying vessels, many of which are part of the “shadow fleet,” opaque traders of Russian oil, Russia-based oilfield service providers, and Russian energy officials,” it said.

“Today’s actions are underpinned by the issuance of a new determination that authorizes sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy. These actions substantially increase the sanctions risks associated with the Russian oil trade.”

Russia-based fleet and bunker operator Gazpromneft Marine Bunker Limited Liability Company (Gazpromneft Marine Bunker), a Gazprom Neft subsidiary, is involved in the delivery of bunker fuel for vessels. 

OFAC also said Gazpromneft Marine Bunker is being designated pursuant to E.O. 14024 for operating or having operated in the energy sector of the Russian Federation economy and pursuant to E.O. 13662 for operating in the energy sector of the Russian Federation economy.

OFAC is also identifying the following vessels, all of which Gazpromneft Marine Bunker operates, pursuant to E.O. 14024 and E.O. 13662 as property in which Gazpromneft Marine Bunker has an interest:

  • Russia-flagged chemical/oil tanker GazpromneftZuid East (IMO 9537109)
  • Russia-flagged chemical/oil tanker GazpromneftNordwest (IMO 9590137)
  • Russia-flagged chemical/oil tanker Omsk (IMO 9418509)
  • Russia-flagged chemical/oil tanker Tymen (IMO 9422653)
  • Russia-flagged chemical/oil tanker Olanga (IMO 9286463)
  • Russia-flagged chemical/oil tanker Murmansk (IMO 9167930)
  • Russia-flagged chemical/oil tanker Dmitry Mendeleev (IMO 9888182)
  • Russia-flagged chemical/oil tanker Shturman Shcherbinin (IMO 9759927)
  • Russia-flagged chemical/oil tanker Shturman Koshelev (IMO 9759939)
  • Russia-flagged chemical/oil tanker Shturman Skuratov (IMO 9759915)

 

Photo credit: tommao wang on Unsplash
Published: 13 January, 2024

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Lloyd’s List Intelligence acquires Infospectrum to drive maritime risk intelligence solutions

Combined business will enable LLI to build solutions that deliver actionable insights and help maritime customers successfully navigate key use cases associated with compliance, risk management and operations.

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Lloyd’s List Intelligence acquires Infospectrum to drive maritime risk intelligence solutions

Maritime data, insights and analytics provider Lloyd’s List Intelligence (LLI) on Tuesday (14 January) announced the acquisition of Infospectrum, an independent provider of counterparty risk appraisal reports & data, due diligence research and KYC intelligence.

The acquisition expands LLI’s ability to deliver analysis and risk management intelligence solutions. 

The integration of Infospectrum’s comprehensive counterparty risk appraisal, due diligence and KYC intelligence capabilities and data, will enable the combined business to provide customers with more accurate, reliable, and timely risk based decision-making solutions. 

With the maritime sector facing increasing complexity from global sanctions, compliance, safety, geo-political and legal considerations, the combination will enable LLI to build solutions that deliver actionable insights and help customers successfully navigate key use cases associated with compliance, risk management and operations.

“The acquisition of Infospectrum is an important milestone for Lloyd’s List Intelligence,” said Michael Dell, CEO, Lloyd’s List Intelligence. 

“This acquisition is a significant step forward in our mission to provide the most comprehensive and insightful risk intelligence solutions that support the global maritime industry. By combining our respective strengths, we will deliver stronger capabilities to our customers and enhance our ability to act as a provider of mission critical data, insights and analytics for the maritime sector as a whole.”

“We are excited to join forces with Lloyd’s List Intelligence,” said Panos Panousis, Managing Director, Infospectrum. 

“This combination will unlock significant opportunities for both companies and provide the maritime ecosystem with access to a broader range of data, analytics, and intelligence. We are confident that together we will accelerate innovation and deliver exceptional solutions to the maritime industry.”

 

Photo credit: Lloyd’s List Intelligence
Published: 14 January, 2025

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Sanctions

European Parliament calls for crackdown on Russia ’shadow fleet’

MEPs call for more targeted measures against these vessels in the next EU sanctions packages, including all individual ships as well as their owners, operators, managers, accounts, banks and insurance companies.

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Members of the European Parliament (MEPs) on Thursday (14 November) demanded more targeted EU sanctions against Russia’s so-called ‘shadow fleet’, which provides a key financial lifeline for Moscow’s war in Ukraine.

Russia uses old tankers, often uninsured and with unclear ownership, to export its crude oil and petroleum products abroad, despite EU, G7 and international sanctions. 

In a statement, the MEPs said these activities have also raised fears over the risk of environmental disasters, including severe oil spills. As part of systematic efforts to undermine EU restrictive measures, the ‘shadow fleet’ provides a key financial lifeline for Russia in its illegal and unjustifiable war of aggression against Ukraine.

In a resolution adopted on Thursday, the European Parliament calls for more targeted measures against these vessels in the next EU sanctions packages, including all individual ships as well as their owners, operators, managers, accounts, banks and insurance companies. 

It also demands the systematic sanctioning of vessels sailing through EU waters without known insurance and urges the EU to enhance its surveillance capabilities, especially drone and satellite monitoring, and to conduct targeted inspections at sea. MEPs want EU member states to designate ports capable of handling sanctioned vessels carrying crude oil and Liquified Natural Gas (LNG) and to seize illegal cargo without compensation.

The resolution further calls on G7 countries to better enforce the price cap imposed on Russian seaborne oil, to substantially decrease the oil price cap and to crack down on the loopholes used by Russia to repackage and sell its oil and oil products at market prices. 

Stressing that the impact of existing sanctions and the financial and military support to Ukraine will continue to be undermined as long as the EU imports Russian fossil fuels, the MEPs urge the EU and its member states to ban all imports of Russian fossil fuels, including LNG. 

Pointing towards the need for much stricter enforcement of current EU sanctions, the text also states that the EU should seriously reassess its bilateral cooperation with third countries that are helping Russia circumvent EU restrictive measures in place, if diplomatic efforts are unsuccessful.

 

Photo credit: Guillaume Périgois on Unsplash
Published: 18 November, 2024

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Sanctions

Fresh UK sanctions unleashed against Russian ‘shadow fleet’ of oil tankers

UK government revealed its fresh sanctions targeting 18 Russian oil tankers and four liquefied natural gas vessels to “strike at the heart” of Russian energy revenue.

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The UK on Thursday (17 October) unleashed the largest package of sanctions to date against Putin’s shadow fleet of oil tankers.

The Foreign, Commonwealth & Development Office (FCDO) said 18 more shadow fleet ships will be barred from UK ports and unable to access world-leading British maritime services, bringing the total number of oil tankers sanctioned to 43. 

“The shadow fleet seeks to undermine sanctions and poses a clear and present danger. Environmental risks, such as oil spills, on our coastlines as a result of its flagrant violation of basic safety standards, but also risks to the security of global trade – the lifeblood of economic growth,” it said in a statement.  

At the European Political Community Summit in July, the Prime Minister announced the shadow fleet call to action. Today the US and Canada have joined 44 European countries plus the EU in working together to tackle the risks posed by the shadow fleet. 

“The UK’s relentless action against the shadow fleet is putting grit into the system and starving Putin’s war machine of crucial revenues. The oil tankers targeted today have transported an estimated $4.9 billion in the last year alone,” FCDO said. 

“A significant number of the ships targeted by the UK to date have been forced to sit idling uselessly outside ports across the world, unable to continue pouring money into Putin’s war chest.”

Alongside action against the shadow fleet, the UK is sanctioning four more LNG tankers and Russian gas company Rusgazdobycha JSC. 

“We are continuing to ratchet up pressure on the beleaguered Russian gas industry, with flagship company Gazprom posting a significant net loss of $6.9 billion in 2023 - its first annual loss in more than 20 years,” FCDO added. 

Foreign Secretary, David Lammy, said: “We must combat malign Russian activity at every turn, whether illicit tactics to bolster Putin’s war chest, their use of cyber-attacks or barbarism on the front line in Ukraine. 

The UK is leading the charge against Putin’s desperate and dangerous attempts to cling on to his energy revenues, with his shadow fleet placing coastlines across Europe and the world in jeopardy. 

I have made it my personal mission to constrain the Kremlin, closing the net around Putin and his mafia state using every tool at my disposal.”

This new shadow fleet package comes in the weeks following recent UK actions to sanction both Russian cyber-crime gang Evil Corp, and Russian troops found to be using chemical weapons on the front lines in Ukraine. It represents the latest in a drumbeat of activity, with each package designed to target a distinct aspect of Russia’s malign behavior and reinforce the UK’s commitment to global security and the rule of law.

Note: The full list of 18 Russian oil tankers and 4 liquified natural gas tankers can be found here.

 

Photo credit: Nick Fewings on Unsplash
Published: 18 October 2024

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