Starting July 1, the Swedish authorities will implement new control rules for foreign vessels passing through its territorial waters or economic zone. Now, the Coast Guard and Maritime Administration of the country will have the right to collect insurance information not only from ships entering Swedish ports but also from all transit vessels. The aim of these measures is to enhance sanctions pressure on the Russian Federation, which is attempting to circumvent international restrictions by using technically outdated tankers with opaque ownership and without proper insurance.
This is reported by Business • Media
Response to Russian Oil Logistics
Recently, about one-third (nearly 33%) of Urals oil shipments from Russian ports were transported by Western tankers. This is a record high since late 2023, when the United States first imposed sanctions on vessels violating established restrictions. The return of Western companies to this market became possible after the price of Russian oil fell below $60 per barrel, which aligns with the international price cap.
Challenges for Russian Oil Exports
Despite the price drop, Russia cannot rely on stability in sales. A striking example is the tanker Big Star, carrying 2.1 million barrels of oil, which has been idling off the coast of China for some time due to a lack of demand.
“The Coast Guard and Maritime Administration of Sweden will be able to obtain insurance data not only for vessels entering ports but also for those merely transiting through Swedish waters.”