By Jos Standerwick, CEO, Maritime London
 

UK announces further maritime sanctions at the G7 Summit in Alberta. Ursela von der Leyen announces the maintenance of the Oil Price Cap (OPC) at $60 a barrel.

On June 17th, the UK announced the designation of a further 20 vessels on the grounds of transporting non-price-cap compliant Russian oil. The UK has also sanctioned Rosneft Marine (UK) Limited, Orion Star LLC and Valegro LLC-FZ for their role in crewing and managing shadow fleet vessels.

UK Prime Minister Keir Starmer said:

“These sanctions strike right at the heart of Putin’s war machine, choking off his ability to continue his barbaric war in Ukraine. 

“We know that our sanctions are hitting hard, so while Putin shows total disregard for peace, we will not hesitate to keep tightening the screws.

“The threat posed by Russia cannot be underestimated, so I’m determined to take every step necessary to protect our national security and keep our country safe and secure.”

In a further announcement from the G7 summit, despite the EU Commission going into the meeting calling for a reduction in the OPC from $60 to $45, the President of the European Commission cited rising energy prices for maintaining the $60 cap for the time being.

A full list of designated vessels from the UN, US, UK, EU and Canada can be found on The Baltic Exchange KYC Platform.

To learn more about KYC and the Baltic Know Your Customer (KYC) Platform, please click here.