Sanctions Never Work, Russia In ‘Business As Usual’

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A recent news article published in the Hellas Posts states that instead of punishing Russia, we are punishing ourselves.

Legal transactions from the shipping companies

Which are the legal transactions from the shipping companies and which are not after the 6th package of sanctions against Russia?

Shipowners say they are trying to figure out which transactions are still legal, because a series of sanctions against Russia and harsh measures against other countries, including Iran, remain confusing, Greek shipowner George Prokopiou said on Monday (6/6). with Reuters.

Sanctions imposed on Moscow

Sanctions imposed on Moscow after the invasion of Ukraine, such as the US ban on oil imports, have prompted Russia to turn to customers in India and China who receive heavily discounted cargo.

Existing restrictions in Iran have also driven its oil trade to Asia, with shipowners increasingly cautious about avoiding US sanctions.

“The sanctions never worked,” George Prokopiou, founder of Dynacom Tankers Management, Dynagas and Sea Traders, told a Capital Link shipping conference in Athens.

“At least my recommendation is to be clear about what is allowed and what is not, what is legal, what is illegal, because we are constantly living in gray areas … We are seeing banks and insurance become stricter than the regulations themselves, and this creates a lot of misunderstandings,” he said.

Ban all Russian refined products

The European Union last week decided to stop buying Russian crude oil by sea (two-thirds of all European crude imports from Russia) in early December, and to ban all Russian refined products two months later.

“I think European leaders are wrong,” said Evangelos Marinakis, president of the Capital Maritime shipping group, at the same conference, when asked to comment on the challenges facing the industry. “Instead of punishing Russia, we are punishing ourselves,” he said.

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Source: Hellss Postsen

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