The EU has sanctioned 41 additional vessels linked to Russia's shadow fleet, banning their access to ports and services across member states.
New Blow from the EU to the Russian Shadow Fleet: Port and Service Ban on 41 More Vessels
The European Union has added 41 more vessels linked to the shadow fleet to its sanctions list as part of the 21st sanctions package adopted against Russia. The entry of these vessels into EU ports and their access to EU-based services will be prohibited. The new regulations directly target support vessels that provide fuel and other services to tankers already under sanctions for the first time.
The European Council approved the 21st sanctions package against Russia on July 23.
The package includes a total of 218 new targets, comprising 48 individuals and 170 entities. The EU stated that this is the largest individual listing in a single package in the last four years. The main focus of the sanctions is on Russia's energy revenues, banking system, cryptocurrency networks, military industry, and shadow fleet.
41 More Vessels Added to the List of 632 Ships
According to a statement from the European Commission, 41 more vessels have been added to the previously sanctioned list of 632 ships. The newly listed vessels will be subject to a ban on entering EU ports and restrictions on receiving services from EU-based companies.
Sanctions will not only apply to tankers alleged to carry Russian oil. For the first time, the EU has also targeted support vessels that provide fuel, replenishment, or other logistical services to these ships. Five bunker vessels identified as regularly supplying fuel to previously sanctioned tankers have also been added to the list.
Among the criteria for the EU's inclusion of vessels on its lists are assisting in exceeding the price cap applied to Russian oil, providing support to the Russian energy sector, transporting military equipment to Russia, and shipping grain extracted from Ukraine.
Price Cap on Russian Oil Frozen at $44.10
With the new package, the automatic update of the price cap of $44.10 per barrel applied to Russian crude oil has been suspended until July 15, 2027. The aim of this decision was stated to be preventing the rise in global oil prices from increasing Russia's export revenues.
The price cap is not a universal sale price that prohibits Russian oil from being sold above $44.10 in the global market. The regulation is based on the condition that EU operators can only provide maritime transportation, insurance, financing, and related services if the cargo price complies with the price cap.
It has been reported that the weekly market price of Russia's Urals crude oil is approximately $67.50, and a significant portion of Russian oil is being traded above the cap. This discrepancy also illustrates why the shadow fleet and non-Western insurance-financing networks are at the center of the sanctions.
Monitoring of LNG Tanker Sales Also Follows
The package introduces a notification requirement to EU authorities for the sale of LNG tankers to third countries. After an assessment by the Commission within three months, it will be decided whether the sale of LNG tankers to Russian individuals and companies will be completely banned.
The EU has also imposed asset-freezing measures on 94 banks and major financial institutions while expanding the transaction ban on 33 Russian financial entities. Fourteen cryptocurrency service platforms have also been included in the new restrictions.
Implications for Turkish Shipowners and Service Providers
Since Turkey is not an EU member, the package does not create a general transaction ban for all Turkish companies under Turkish domestic law. However, if a listed vessel has an EU port, EU bank, EU-based insurer, classification society, broker, or technical service provider involved in its operation, it may pose a serious compliance risk.
It is not sufficient for Turkish companies to only look at the vessel's flag and the apparent shipowner. The actual beneficial owner, previous names and IMO number, cargo origin, charterer, payment bank, insurance chain, and vessel-to-vessel transfer history should all be examined together.
Being added to the sanctions list does not automatically mean that the vessel will be detained or confiscated anywhere in the world. The consequences of port entry, service provision, payment, and asset freezing vary according to the legislation of the relevant country and the specific action taken. The sanctions sea loves to be murky; the IMO number may be more reliable than the compass.
Source: SeaNews Türkiye
