Japan, as a new step in its sanctions, has directly sanctioned 35 tankers linked to Russia's shadow fleet. This action came into effect on October 2 under Japan's Foreign Exchange and Foreign Trade Act, aiming to restrict Moscow's oil export network.
Details of the Sanctions
With these sanctions, Japanese companies must obtain government approval to provide specific services to these 35 tankers and also to conduct financial transactions involving loans and debt guarantees related to the purchase, sale, lease, or charter of these vessels. The Japanese Ministry of Foreign Affairs has identified all 35 ships by their IMO numbers. For contracts concluded before October 2, a limited transition period will apply, but this is only possible if related commitments or services are completed before November 1. These restrictions include services such as ship repairs and insurance.
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Consequences of the Sanctions
This is the first time Tokyo has sanctioned ships directly, thus aligning itself more closely with the similar approach of Britain and the European Union regarding older tankers that transport Russian oil outside of mainstream Western transport, financial, and insurance channels. These sanctions are part of a broader package that includes freezing assets of 33 Russian organizations and 9 individuals, as well as introducing export restrictions against four entities in Turkey and the United Arab Emirates. Tokyo has stated that these actions target ships that are circumventing existing sanctions to transport crude oil and petroleum products from Russia.
Clarksons data shows that as of September 1 this year, the registration of Russian ships has increased by 38.2%, with 72 vessels from this fleet estimated to have transported 7.5 billion euros ($8.8 billion) worth of Russian fossil fuels. These figures indicate extensive movements in the maritime transport industry related to oil, which is particularly crucial to monitor and oversee under current sanction conditions.
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