The administration of US President Donald Trump is considering lifting sanctions on vessels in the so-called Russian “shadow fleet” that transported oil from Russia and Iran. Reuters reported this, citing a source.
Such a move is expected to help reduce record-high global freight rates. The main objective of the potential easing of restrictions is said to be increasing exports of oil and petroleum products from the Persian Gulf region.
Licences for Chartering Tankers
If the decision is approved, companies seeking to charter these tankers will be required to obtain special individual licences from the US Department of the Treasury.
US Energy Secretary Chris Wright, in a video address to the World Petroleum Congress in Riyadh, confirmed that the administration is considering easing restrictions on the “shadow fleet.” According to him, the sharp rise in freight rates has significantly affected demand for US crude oil.
The US Department of Energy said that a potential easing of sanctions on the “shadow fleet” would not help Russia transport oil or petroleum products.
Assessments by Analysts and the Maritime Industry
Energy Aspects analysts are sceptical about the potential impact of such a decision. They note that the “shadow fleet” tankers are old and technically worn out, and will add almost no new capacity, as most of them have already been continuously transporting oil over the past three months.
Representatives of the maritime industry also believe that US actions are unlikely to lead to a significant decline in freight rates. According to them, ship insurers will still be required to comply with EU and UK regulations.
Earlier, Russian presidential special representative Kirill Dmitriev said that Moscow would supply diesel fuel to the United States despite obstacles related to the implementation of agreements and sanctions. Following a telephone conversation with Vladimir Putin, Trump also said that Russia was to immediately supply the United States with more than 300,000 tonnes of diesel, another 500,000 tonnes in November, and subsequently 1 million tonnes.
Meanwhile, diesel prices in the United States are rising again despite Trump’s statements about an agreement with Putin.
