The US Treasury Department on 16 November announced that it was sanctioning three UAE-based companies for trading Russian crude above the G7’s price cap. The three firms mentioned in the announcement – Kazan Shipping, Progress Shipping, and Gallion Navigation – were called out with reference to cargoes carried by their respective tankers, the Kazan (IMO: 9258002), Ligovsky Prospect (IMO: 9256066), and NS Century (IMO: 9306782).
Each vessel reportedly traded Russian oil above the $60/B price cap while using “US-person services.” This implies they used either finance, shipping services, or insurance from G7 countries that dominate these services for the maritime trade sector. For example, over 90% of insurance for ocean-going tonnage falls under the International Group of P&I Clubs, most of which are in Europe or the United States. (CONTINUED - 956 WORDS)
