EU To Impose 15th Round Of Sanctions On Russia’s Shadow Fleet Targeting 48 Tankers

The European Union is stepping up its efforts to stop Russia from profiting off its oil trade by targeting more of its tankers. In its 15th round of sanctions since Russia’s invasion of Ukraine, the EU is planning to blacklist up to 48 additional tankers involved in transporting Russian crude oil.

Per reports from EU officials, the new sanctions will also target 29 companies and 54 individuals, increasing the total number of people and entities sanctioned by the EU to over 2,200.

A major concern behind these sanctions is the growing shadow fleet- tankers that operate under the radar, bypassing regulations and sanctions to carry Russian oil. Environmental groups have raised alarms about the risks these ships pose to the environment and the enforcement of sanctions.

Lars Barstad, CEO of Frontline, one of the largest tanker companies, called the current sanctions “somewhat flaky” and urged global authorities to focus more on cracking down on unregulated vessels instead of decarbonisation.

The shadow fleet is a major issue for the global shipping industry. With more and more tankers operating outside the law, Russia’s oil exports continue to flow despite sanctions.

Barstad says Russia is now mostly self-sufficient in transporting its oil, with about 300 vessels, many of them older ships, being used to move crude to markets around the world. He added that while the shadow fleet may be helping Russia skirt sanctions, for now, some of these tankers are getting too old to be viable long-term.

Alongside these new measures on tankers, the EU is also considering stricter controls on Russian gas imports and measures to stop third countries from helping Russia get around the sanctions.

Germany, for example, has already told its state-supported LNG terminals not to accept Russian gas anymore, tightening the screws on Russia’s energy trade.

While this new round of sanctions is expected to be finalised by December, there are talks of even stricter measures being implemented next year. Poland, set to take over the EU presidency in 2025, is likely to push for even stronger actions against Russia, especially if the war in Ukraine is still ongoing.

Meanwhile, the UK has continued to increase its sanctions, targeting Russian ships and companies linked to the illegal oil trade. Recently, the UK sanctioned 30 more vessels, bringing its total to 73 ships, including tankers and cargo vessels.

Despite all of this, Barstad believes that sanctions enforcement is still not strong enough to deal with the scale of the issue. He also pointed out that while Europe is still buying large amounts of Russian gas, it’s only a matter of time before political pressures make it harder for governments to maintain these sanctions.

The next few months will be crucial as the EU finalises its new sanctions package, focusing on how effectively these measures will shut down Russia’s oil trade.

Source: Maritime Shipping News