Oil tankers subject to U.S. sanctions have been banned from docking at several major ports in eastern China, traders said.
Chinese Shandong Port Group A notice was issued on Monday banning such vessels from its port network, according to three traders who spoke to Reuters.
The decision could restrict blacklisted vessels from China's main east coast energy terminal.
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The notice, shared by two traders with Reuters and confirmed by a third trader, prohibits ports from docking, unloading or providing ship services to vessels in the waters. List of Office of Foreign Assets Control administered by the U.S. Department of the Treasury.
Shandong Port Group manages major ports on China's eastern coast, including Qingdao, Rizhao and Yantai, which are the main terminals for the import of sanctioned oil.
Shandong Port Group did not return calls from Reuters.
US targets 'shadow fleet', China wary of sanctions
The reasons for the port group's decision were unclear, but Beijing appears wary of further U.S. sanctions as it is eager to strike a trade deal with President-elect Donald Trump to avoid steep U.S. tariffs on Chinese products. The incoming government.
This decision was made in the United States department The Department of Defense has blacklisted COSTCOChina's largest shipping company, and a range of other companies suspected of having links to military activities.
There are also reports that the Biden administration Plan to sanction large number of new “shadow fleet” oil tankers Participate in Russian energy trade.
There are more than 200 Russian ships of various types on the U.S. Treasury Department's blacklist, and the final round of designations could make the list even longer, two officials told Reuters over the weekend.
The new package targets tankers in the less regulated fleet that currently handles the bulk of Russia's oil exports: shipment prices are higher than G7 “ceiling” at $60 per barrel.
The carefully calibrated cap is intended to limit how much revenue Russia can earn without reducing export volumes, thereby keeping global energy supplies and prices as stable as possible.
In fact, Russian ESPO oil grades never fell below $60, and exports of Russian Urals oil quickly exceeded the cap, aided by an emerging fleet of non-Western tankers. These vessels are typically over 15 years old and are flagged in less governed jurisdictions such as Gabon or the Cook Islands.
Platts said that Russia's “shadow fleet” currently has about 600 ships, mainly MR, LR and Aframax, which are suitable for operating in the Baltic Sea. Platts said tankers evading sanctions are now carrying more than 80% of Russia's oil, raising questions about the effectiveness of the G7 price caps.
Over the years, the United States has had some success in combating oil trafficking by imposing blockade sanctions on specific ships.
Transactions with U.S.-sanctioned vessels may expose any service provider to the following risks: severe punishment from the Treasury; this is enough to block many banks, suppliers, terminal operators and flag state registries (though not all).
One official told Reuters that Biden aides were making a final use of the tactic with plans to impose sanctions on more than 100 oil tankers as well as multiple oil companies, oil traders and Russian insurance companies.
However, the future of the list under President-elect Donald Trump is uncertain. In July 2024, Trump expressed an ambivalent attitude toward Russian sanctions during the campaign. “So what we do with sanctions is force everyone to stay away from us. So I don't like sanctions,” he said.
U.S. allies in Europe have been carefully studying how to maintain a harsh sanctions regime on Russian oil shipments in case the next administration lifts existing restrictions.
“If a Trump presidency reverses U.S. sanctions on Russia, Europeans will need to take a tougher stance on… Tom Keatinge, an analyst at the Royal United Services Institute, told Reuters in October :
- Reuters Additional input and editing by Jim Pollard
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