The European Union approved a tenth package of Russia sanctions on Friday with shipping very much in the sights of politicians, says an article published on Splash247.
New sanctions
Sun Ship Management, the Dubai-based manager of the Sovcomflot fleet, is part of the new sanctions as is the Russian National Reinsurance Company (RNRC) and Atomflot, which manages Russia’s icebreaking fleet.
Hotbed for companies
“Dubai has become a hotbed for companies controlling shadow tankers and the sanctioning of Sun Ship Management would undoubtedly create more hurdles for Russia moving its barrels,” BRS stated in a recent tanker report.
“Sun Ship has been operating as one of the key companies managing and operating the maritime transport of Russian oil,” the EU said.
“The Russian Federation is the ultimate beneficiary.”
Transferred management
Sovcomflot set up Sun Ship Management in Dubai in 2012. The subsidiary was called SCF Ship Management (Dubai) until July. In April 2022, Sovcomflot transferred management of 92 of its tankers and LNG carriers to Sun Ship Management.
Mitigate impact
Regarding the decision to sanction state-backed reinsurer RNRC, the EU stated: “This reinsurance service offered by the RNRC has enabled the Russian Government to deflect and mitigate the impact of western sanctions on its oil trade.”
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Source: Splash247
