EuropeShipowners

EU sanctions keep shipowners on alert

Ship operators are braced for further disruption to trading patterns as the European Union targets a sixth round of sanctions against Russia in response to its invasion of Ukraine.

Narjiss Ghajour Send an email June 1, 2022
1,220 2 minutes read
shipowners sanctions

 

On the first day of the special European Council taking place on 30-31 May, EU leaders agreed on the sixth package of sanctions against Russia, that includes a ban on crude oil and petroleum products, with a temporary exception for crude oil delivered by pipeline.

President of the Commission Ursula von der Leyen welcomed the agreement, calling it an important step forward. She also recalled other restrictive measures that this package of sanctions includes, such as de-SWIFTing Sberbank, by far Russia’s largest bank, and the suspension of broadcasting of three big Russian state-owned broadcasters from EU airwaves.

In addition to a ban on all seaborne oil imports – about two thirds of Russia’s crude and fuel exports into the EU – European companies will also be stopped from insuring cargoes of Russian oil. This will go some way to limiting Russia’s ability to pivot its oil exports to other markets, a move that could negate the pressure of European sanctions on the Russian war machine.

Despite the progress that has been made some major issues remain including:

  • Carveouts for oil delivered from Russia by pipeline, including a generous exemption for Hungary, with no date set for when it has to end Russian oil imports.
  • Implementation of the ban delayed until the end of the year, allowing Putin to continue to benefit from increasingly high oil prices.
  • Insufficient measures to reduce Europe’s overall oil demand.
  • Continued lack of progress over Europe’s Russian gas imports.
  • No significant measures to prevent Greek, Cypriot and Maltese tankers from carrying Russian oil.

Ship operators are braced for further disruption to trading patterns as the European Union targets a sixth round of sanctions against Russia in response to its invasion of Ukraine.

Around 29% of the EU’s crude oil imports came from Russia in 2020. Combined with the previously announced phase-out of Russian natural gas imports, accounting for 43% of all imported gas, the sanction would have a dramatic impact on the European energy market and cause significant shifts in oil and gas trading across the world.

One implication will be the increased sourcing of EU gas and oil imports from beyond Russia. For non-EU ship operators not prohibited from trading with Russia, a similar effect will be felt as Russia seeks alternative markets for its oil and gas.

“This will most probably increase the tonne-miles associated with their transportation and thereby increase the demand for tankers and LNG carriers,” said John Lyras, Principal at Paralos Maritime Corporation and ICS Board Member.

A greater concern for EU ship owners would be if the EU sanctions include a ban on importing Russian oil and gas to third countries. Lyras explained that, as cross-traders, European owners and Greek operators in particular are more exposed to these trades than direct trading between Russia and the EU.

“A ban would entail the transportation of these cargoes by non-European and non-Western shipping to replace European owned or operated ships,” he said.

Such a shift could have a big impact on transport costs and subsequent product prices, given the large proportion of tanker and gas carrier capacity that would be excluded from the trades.

This article is shared by courtesy of the International Chamber of Shipping, the European Commission and Global Witness. 

For more articles about the conflict between Russia and Ukraine, click here.

Narjiss Ghajour Send an email June 1, 2022
1,220 2 minutes read
Photo of Narjiss Ghajour

Narjiss Ghajour

Editor-in-Chief of Maritime Professionals

1,127 Comments

  1. It is really a nice and helpful piece of information. I am glad that you simply shared this helpful information with us. Please stay us informed like this. Thanks for sharing.

  128. MegaIndiaPharm [url=https://megaindiapharm.shop/#]india online pharmacy[/url] pharmacy website india

  133. п»їlegitimate online pharmacies india [url=https://megaindiapharm.com/#]indian pharmacy online[/url] reputable indian pharmacies

  136. top 10 pharmacies in india [url=https://megaindiapharm.com/#]cheapest online pharmacy india[/url] top 10 online pharmacy in india

  145. purple pharmacy mexico price list [url=https://xxlmexicanpharm.shop/#]pharmacies in mexico that ship to usa[/url] purple pharmacy mexico price list

  151. canadian pharmacy coupon [url=https://familypharmacy.company/#]Online pharmacy USA[/url] canadian pharmacy discount code

  156. canadian pharmacy 24 [url=https://easycanadianpharm.com/#]canada drugs online[/url] canada online pharmacy

  163. garuda888.top [url=https://garuda888.top/#]garuda888 slot[/url] Kasino selalu memperbarui mesin slotnya

  169. demo slot pg [url=http://slotdemo.auction/#]akun demo slot[/url] Bermain slot bisa menjadi pengalaman sosial

  175. garuda888 slot [url=http://garuda888.top/#]garuda888 slot[/url] Banyak pemain menikmati bermain slot secara online

  180. slot demo [url=https://slotdemo.auction/#]slot demo pg gratis[/url] Mesin slot menawarkan pengalaman bermain yang cepat

  184. preman69.tech [url=http://preman69.tech/#]preman69[/url] Slot dengan tema film terkenal menarik banyak perhatian

  194. preman69 slot [url=http://preman69.tech/#]preman69[/url] Mesin slot menawarkan pengalaman bermain yang cepat

  198. demo slot pg [url=http://slotdemo.auction/#]slot demo[/url] Kasino di Jakarta memiliki berbagai pilihan permainan

  203. slot demo pg gratis [url=http://slotdemo.auction/#]slot demo gratis[/url] Slot dengan tema film terkenal menarik banyak perhatian

  206. garuda888 slot [url=https://garuda888.top/#]garuda888 slot[/url] Kasino sering mengadakan turnamen slot menarik

  210. bonaslot.site [url=http://bonaslot.site/#]BonaSlot[/url] Kasino di Jakarta memiliki berbagai pilihan permainan

  216. can we buy amoxcillin 500mg on ebay without prescription [url=https://amohealthpharm.com/#]can we buy amoxcillin 500mg on ebay without prescription[/url] generic amoxicillin 500mg

  223. can i order generic clomid now [url=http://clmhealthpharm.com/#]ClmHealthPharm[/url] buy clomid pills

  228. zithromax over the counter canada [url=https://zithropharm.shop/#]zithromax online pharmacy canada[/url] buy zithromax without presc

  243. doxycycline mexico [url=https://doxhealthpharm.com/#]Dox Health Pharm[/url] doxycycline 100mg capsule sale

  247. can you buy doxycycline [url=http://doxhealthpharm.com/#]Dox Health Pharm[/url] how much is doxycycline in south africa

  255. pharmacie en ligne pas cher [url=https://pharmaciemeilleurprix.com/#]pharmacie en ligne pas cher[/url] п»їpharmacie en ligne france

  262. Pharmacie sans ordonnance [url=https://kamagrameilleurprix.com/#]kamagra pas cher[/url] pharmacie en ligne

  265. Prix du Viagra 100mg en France [url=http://viagrameilleurprix.com/#]viagra en ligne[/url] Viagra pas cher livraison rapide france

  275. Achat mГ©dicament en ligne fiable [url=https://pharmaciemeilleurprix.shop/#]pharmacie en ligne sans ordonnance[/url] pharmacie en ligne sans ordonnance

  281. trouver un mГ©dicament en pharmacie [url=https://pharmaciemeilleurprix.com/#]pharmacie en ligne france[/url] pharmacie en ligne sans ordonnance

  287. pharmacie en ligne livraison europe [url=https://pharmaciemeilleurprix.com/#]pharmacie en ligne france[/url] pharmacie en ligne france livraison internationale

  293. п»їpharmacie en ligne france [url=https://kamagrameilleurprix.shop/#]pharmacie en ligne[/url] pharmacie en ligne fiable

  302. Viagra gГ©nГ©rique pas cher livraison rapide [url=https://viagrameilleurprix.com/#]viagra en ligne[/url] Viagra sans ordonnance 24h suisse

  310. Viagra homme prix en pharmacie sans ordonnance [url=https://viagrameilleurprix.com/#]Viagra pharmacie[/url] Viagra homme prix en pharmacie

  318. pharmacie en ligne pas cher [url=https://kamagrameilleurprix.shop/#]kamagra pas cher[/url] Pharmacie en ligne livraison Europe

  324. trouver un mГ©dicament en pharmacie [url=https://tadalafilmeilleurprix.com/#]Cialis sans ordonnance 24h[/url] pharmacie en ligne france livraison internationale

  340. pharmacie en ligne sans ordonnance [url=https://tadalafilmeilleurprix.shop/#]cialis sans ordonnance[/url] п»їpharmacie en ligne france

  343. Pharmacie sans ordonnance [url=https://pharmaciemeilleurprix.com/#]pharmacie en ligne sans ordonnance[/url] pharmacie en ligne avec ordonnance

  350. trouver un mГ©dicament en pharmacie [url=https://kamagrameilleurprix.com/#]kamagra livraison 24h[/url] pharmacie en ligne fiable

  363. Viagra 100 mg sans ordonnance [url=https://viagrameilleurprix.shop/#]Viagra sans ordonnance livraison 48h[/url] Viagra gГ©nГ©rique sans ordonnance en pharmacie

  369. pharmacie en ligne [url=http://tadalafilmeilleurprix.com/#]pharmacie en ligne france livraison belgique[/url] trouver un mГ©dicament en pharmacie

  408. plinko wahrscheinlichkeit [url=https://plinkodeutsch.com/#]plinko erfahrung[/url] plinko germany

  434. plinko nederland [url=https://plinkocasinonl.com/#]plinko betrouwbaar[/url] plinko

  458. reputable mexican pharmacies online [url=http://certpharm.com/#]Best Mexican pharmacy online[/url] Cert Pharm

  464. Express Canada Pharm [url=https://expresscanadapharm.com/#]canadian online drugs[/url] Express Canada Pharm

  470. reputable canadian pharmacy [url=https://expresscanadapharm.com/#]Express Canada Pharm[/url] canada drugs reviews

  476. Express Canada Pharm [url=https://expresscanadapharm.shop/#]safe canadian pharmacy[/url] Express Canada Pharm

  480. canada pharmacy world [url=https://expresscanadapharm.com/#]best canadian online pharmacy[/url] Express Canada Pharm

  610. Казино предлагает множество игровых автоматов.: balloon game – balloon игра на деньги

  611. Играйте СЃ СѓРјРѕРј, РЅРѕ РЅРµ забывайте Рѕ веселье.: balloon игра – balloon казино официальный сайт

  613. Казино — РјРёСЂ азартных приключений.: balloon казино – balloon казино играть

  617. Сыграйте РЅР° деньги, почувствуйте азарт!: balloon game – balloon казино

  621. Казино — РјРёСЂ азартных приключений.: balloon игра – balloon игра на деньги

  625. https://akhbutina.kz/# Казино предлагает множество игровых автоматов.

  629. balloon игра на деньги balloon игра Казино предлагает отличные условия для РёРіСЂС‹.

  631. Казино — это место для больших выигрышей.: balloon игра – balloon казино официальный сайт

  635. https://balloonigra.kz/# Играйте в казино, наслаждайтесь каждым моментом.

  636. Азартные РёРіСЂС‹ РїСЂРёРЅРѕСЃСЏС‚ радость Рё азарт.: balloon game – balloon казино официальный сайт

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button