Over the past month, the US has sanctioned five vessels for hauling crude above $60-a-barrel price cap set by the Group of Seven and its allies.
The price cap targets service providers like shipowners and insurers that are helping to haul Russian crude. If the country’s oil is trading above $60, which it has been for months, then they can’t offer their services.
So far sanctions have hit four ships linked to Russia via the partially state-owned tanker company Sovcomflot PJSC and one Turkish-owned vessel. All of those vessels are currently struggling to find their next destination for various reasons, whether that’s the sanctions themselves or maintenance in Chinese shipyards.
Here’s what’s happened to the five ships since they were sanctioned:
1. NS Century — Floating
One of the most recent ships to be sanctioned has over recent months ferried a steady stream of cargoes from Russia to India. Shortly after it was designated, however, NS Century began to drift near Sri Lanka’s southern coast. India’s Directorate General of Shipping said it was awaiting instructions from the government as to whether the ship would be allowed to unload its cargo.
2. Yasa Golden Bosphorus — Stuck
Another ship that has been impacted by the sanctions is the Yasa Golden Bosphorus, which at the time they were placed on the vessel was on charter to Exxon Mobil Corp. Exxon had nothing to do with the original sanctioned voyage and the ship was granted permission to discharge a cargo of oil from Canada in Houston. Since then, it has been in the Gulf of Mexico, sailing close to US shores once, before turning around to sit just south of the Mexican border. It is the only one of the five not owned by Sovcmoflot.
3. Kazan, 4. Ligovsky Prospect — In Chinese Shipyards
Two of the other vessels sanctioned last week are currently both docked in Chinese ports. Ligovsky Prospect is currently in southern China, where it is undergoing maintenance, while Kazan is at a repair yard in northeastern China, according to Viktor Katona, an analyst at data intelligence company Kpler.
5. SCF Primorye — Back in Russia
The final ship, the SCF Primorye has been signaling that it is near Russia since it was sanctioned late last month. The vessel appears to have been anchored near the Arctic port of Murmansk since mid-October.
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