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EU prepares to sanction Russia’s ‘shadow fleet’ of oil tankers
Dr.G.R.Balakrishnan Feb 20 2023 Shipping News

EU prepares to sanction Russia’s ‘shadow fleet’ of oil tankers

The European Union is preparing new sanctions against shipping company SUN Ship Management Ltd, which helps Moscow with illicit oil shipments circumventing EU’s restrictions on trade with Russia, Politico reported on Feb. 14.

According to them, the company secretly hosted 92 ships of Russian state-owned company Sovcomflot in April 2022. It was done in order to organize the secret transportation of Russian oil in the event of future sanctions against Russia.

Currently, the company, formerly called SCF Management Services, has become one of the main sources of profit for Russia. SUN Ship Management has standing contracts with a large number of countries.

SUN Ship Management Ltd is based in Dubai, with main beneficiaries being UAE and Russian citizens. The company’s tankers are engaged in the transportation of oil under the flags of Liberia and Cyprus. On average, they hold at least 150,000 tons of oil.