Trump Administration Considers Easing Sanctions On Russia's Shadow Fleet To Cut Shipping Costs
US President Donald Trump's administration is considering easing sanctions targeting Russia's“shadow fleet” in an effort to reduce shipping costs.
The proposal under discussion would allow previously sanctioned vessels to transport“legitimate oil” - crude oil and petroleum products that are not subject to US sanctions. The official stressed that the measure would exclude Russian and Iranian oil covered by US restrictions.
The initiative aims to facilitate the transportation of larger volumes of crude oil and petroleum products from the Persian Gulf. Companies seeking to use sanctioned vessels would have to obtain the necessary authorization from the US Treasury Department, the official said.
The US Department of Energy said easing restrictions on the shadow fleet would not enable Russia to transport its oil and petroleum products.
Sources in the maritime sector said the relaxation could make a small number of additional tankers available for rotational shipping operations through the Strait of Hormuz. However, they added that the measure was unlikely to result in a substantial reduction in shipping costs.
The sources attributed this limitation to the continued obligation of insurance companies to comply with European Union and British regulations, which would remain in force even if Washington eased its own restrictions.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment