On 10 January, the US Department of the Treasury sanctioned 183 vessels (143 tankers) in the biggest sanctions package targeting the so-called shadow fleet to date. Associated shipmanagers and beneficial owners were also designated. It is estimated that this sweeping sanctions package has designated tankers estimated to be responsible for transporting 42% of Russia’s seaborne oil exports.

The package also designated oil producers Gazprom Neft and Surgutneftegas and marine insurance providers, Ingosstrakh Insurance Co and Alfastrakhovanie Group.

Commenting on the sanctions, Secretary to the Treasury Janet Yellen said, “The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine. This action builds on, and strengthens, our focus since the beginning of the war on disrupting the Kremlin’s energy revenues, including through the G7+ price cap launched in 2022. With today’s actions, we are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports.”

A full list of entities and vessels sanctioned in the 10th January package can be found here.