Complete Maritime Profile & Reviews of Liteyny-Prospect

In a significant crackdown, the United States has immobilized 14 tankers belonging to the Russian maritime giant Sovcomflot, including notable vessels such as the 'Anatoly Kolodkin', 'NS Antarctic', and 'NS Lion'. The remaining compromised vessels, namely 'Ns Consul', 'Ns Burgas', 'Ns Captain', 'NS Columbus', 'Sakhalin Island', 'Nevskiy Prospect', 'Georgy Maslov', 'Liteyny Prospect', 'Krymsk', 'Ns Creation', and 'Ns Bravo', have been given a 45-day deadline to unload their oil and cargo. This action stems from allegations that Sovcomflot has breached the crude oil price cap established in December 2022. The firm has come under intense scrutiny amid reports of clandestine operations, including ship-to-ship (STS) oil transfers and the disabling of Automatic Identification Systems (AIS) to mask their movements. These practices have made the fleet a focus of the Western coalition's efforts to monitor and control illicit oil trades. The Office of Foreign Assets Control (OFAC) has officially designated these 14 tankers, specifically highlighting 12 that operate under Oil Tankers SCF Management FZCO, a subsidiary that emerged after Sovcomflot was compelled to divest some of its fleets due to sanctions. Sovcomflot first appeared on sanctions lists from multiple countries, including the UK, EU, Australia, Canada, and New Zealand, in 2022 regarding issues with financing long-term debts. Under the current sanctions, while these 14 tankers are under restrictions, the OFAC has not prohibited transactions for the rest of Sovcomflot's fleet, which boasts approximately 147 vessels. This nuanced approach allows oil traders to continue engaging with most of the company's tankers without facing consequences. The strategy behind the oil price cap aims to diminish Russia's revenue from crude oil sales without causing upheaval in global markets. Recent reports indicate that Russia's crude was sold in January at a $19 discount per barrel compared to Brent prices, compared to a smaller discount of $12 to $13 per barrel recorded in October. As a result, Russia received only 75% of its expected oil revenue, reflecting a notable decrease in income. Interestingly, while the sanctions aim to cut off financial support to Russian military endeavors—which have surged by 60%—analysts have begun to question the efficacy of these measures due to apparent gaps in oversight. In December 2023 alone, 196 vessels linked to clandestine operations reportedly departed from Russian ports. Moreover, five additional shipping companies based in the UAE have emerged since November 2023, now transporting Russian crude oil. The US Treasury has sanctioned 27 oil firms for similar violations of the price cap since it took effect in October.