September 27, 2024
1 min read

Tankers carrying Russian gas face UK sanctions

The sanctions cover ships which were, until relatively recently, insured by British companies…reports Asian Lite News

For the first time since Russia invaded Ukraine two and a half years ago, the UK has begun to sanction tankers carrying Russian liquefied natural gas (LNG) to Europe and around the world.

The Foreign, Commonwealth and Development Office (FCDO) has announced it is using new powers to sanction five LNG tankers and two companies involved in the LNG sector.

The sanctions cover ships which were, until relatively recently, insured by British companies, though those insurers cut their ties when those vessels were sanctioned by the US.

The FCDO is also closely examining whether it should sanction other LNG tankers carrying Russian LNG. This follows a reports earlier this year, which revealed that a company whose LNG operations headquarters are located in Glasgow, Seapeak, part owns and operates a number of tankers carrying Russian gas from Siberia to Europe. The report also found that numerous LNG tankers are still insured by British companies.

The flow of LNG out of Russia represents a key source of Russian income, both for domestic businesses and, even more so, for government revenues. While many other streams of natural resources exports are declining, the Kremlin is hoping to increase its share of global LNG market share from 8% to 20%.

However, sanctioning these vessels is a thorny business, since they are still providing large quantities of gas to Europe, which has so far stopped short of sanctioning Russian gas.

But since the UK is a critical player in this shipping sector, it both benefits from the trade, and has an outsize influence in clamping down on it.

The FCDO is understood to be preparing to use its new powers, which allow it to sanction individual vessels, again in the coming months.

ALSO READ: Starmer, Macron back India for UNSC seat

Previous Story

Starmer to meet Trump for the first time

Next Story

Cyberattack disrupts major railway stations

Latest from -Top News

India vows stronger maritime ties with ASEAN

Conveying Prime Minister Narendra Modi’s warm greetings on the 20th anniversary of the East Asia Summit (EAS), he said India deeply values the members’ contributions to regional peace, progress, and prosperity….reports Asian

Piyush Goyal in Brussels as India, EU push FTA talks

Goyal’s visit reflects India’s steadfast commitment to deepening engagement with the European Union…reports Asian Lite News Commerce and Industry Minister Piyush Goyal on Monday met EU Commissioner for Trade and Economic Security

Shutdown Turmoil Grounds Thousands of US Flights

On Sunday alone, over 8,700 flights were delayed, according to FlightAware, as staffing shortfalls continue to mount…reports Asian Lite News More than 4,000 flights across the US were delayed on Monday, with
Go toTop

Don't Miss

High-altitude intel balloon soars to new heights

The UK has successfully trialed high-altitude balloons which can conduct

Boris is back

Former prime minister Boris Johnson on Tuesday said he will