Viktor-Bakaev

The UK government imposed sanctions on 30 vessels, among them the 'Viktor Bakaev', that are a part of the Russian Shadow Fleet for performing illicit oil transport operations on Nov 25. In addition, two Russian insurance companies have also been targeted for their role as facilitators. The aim of the sanctions is to hinder Russia from continuing its offensive in Ukraine by hamstringing Russian oil revenues. The tankers have transported more than $4.3 billion of oil and its derivatives in the last year alone. With this sanctions package, the total number of vessels in the Russian shadow fleet sanctioned by the UK has risen to 73, the highest of any nation in the world. Along with the sanctions, the UK government also exhorted other countries to follow its call to action and act against the shadow fleet. So far, 46 countries have joined this initiative. The vessels that operate in the shadow fleet engage in deceptive practices and are poorly maintained, leading to a hazard on the open seas and increasing the danger for all other vessels. Therefore, cracking down on the vessels and the companies that insure them would also clear shipping lanes of unsafe traffic. The Russian insurance companies Alfastrakhovanie PLC and VSK have been sanctioned. This will prohibit any cooperation with these insurers and effectively cut them off from the international markets. The tankers that have been placed in sanctions will be banned from entering UK ports. The UK authorities have reserved the right to direct the movements of these vessels and detain them if needed. These vessels will not be registered on the UK Ship Register, and existing registrations of these vessels will be terminated. In addition to this, these vessels will not be able to benefit from price cap exemptions even if they were involved in transactions that qualify for the Oil Price Cap Exception.