The United States has included six Russian oil tankers still under construction at the Zvezda shipyard in its latest round of sanctions, marking a significant escalation in efforts to undermine Russia’s oil export capabilities. This is the first known instance of Washington imposing sanctions on vessels before they have even set sail.
Key Highlights:
Sanction Details:
The sanctions, announced last week, affected 183 vessels, including the six tankers under construction. The specific tankers named include:
Nursultan Nazarbayev
Alexander Beggrov
Alexey Bogolyubov
Three unnamed tankers: Zvezda 131080, Zvezda 131060, and Zvezda 131040.
Impact on Oil Prices:
Following the announcement, there was a notable spike in oil prices and a surge in tanker shipping costs, as the Biden administration seeks to cripple Russia’s oil exports and its efforts to establish an independent shipping fleet.
Buyers and Sanctions:
The Sovcomflot company is identified as the buyer of the Alexander Beggrov and Alexey Bogolyubov, while Rosneft’s shipping arm, Rosnefteflot, is associated with the purchase of the other four tankers. Both entities are already under U.S. sanctions.
Industry Response:
The inclusion of under-construction ships in the sanctions could complicate Russia’s financial justification for completing these vessels, according to sources within the oil trading industry.
Shipping Shortages:
The sanctions are expected to exacerbate Russia’s tanker shortages, with over 60% of oil tankers having entered Russian ports in the past two months, leading to a significant increase in global freight rates.
Zvezda Shipyard:
Established in 2015, Zvezda is the only Russian shipyard capable of constructing large-capacity oil and gas vessels. The shipyard itself was also targeted by the recent U.S. sanctions.