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US pressures three countries over Russian oil sanctions – Reuters

Saturday, 2 December 2023, 18:02
US pressures three countries over Russian oil sanctions – Reuters
Stock photo: Getty Images

The US, EU and UK are pressuring Liberia, the Marshall Islands and Panama to tighten controls on vessels flying their flags carrying Russian oil sold at prices higher than the price cap.

Source: Reuters

Reportedly, the letters, sent to the authorities of Panama, were signed by Lindsey Whyte, head of international finance at Britain's Treasury, John Berrigan, head of the European Commission's financial services unit, and Brian Nelson, the U.S. Department of the Treasury's Under Secretary for Terrorism and Financial Intelligence.


Lloyd's List Intelligence reported about 40% of the approximately 535 tankers in this shadow fleet are owned by companies registered in the Marshall Islands.

The newspaper claims that the pressure from the US and its allies is not to reduce the number of vessels transporting Russian oil by water, but to strengthen control over compliance with the price cap and increase Russia's costs for oil transportation.

The letters refer to the growing attempts to circumvent the price caps on Russian oil set by the G7 and the high risk associated with ships that do not provide Western insurance and other services and seek other flags.

The US, the EU and the UK are asking Liberia and the Marshall Islands to raise awareness among traders that their flag should not be used for tankers carrying oil at a price above the threshold.

It is added that the three countries themselves are not threatened with sanctions.

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