Shipowners are struggling to cope with lack of sanctions clarity: shipowner

Shipowners are currently finding it very difficult to know what trades were sanctions-compliant and which were not, Greek shipowner George Procopiou said on Monday June 6th.

He noted that still legal as the sequence of sanctions against Russia and ongoing measures against other countries, including Iran, remained confusing,

“Sanctions have never worked,” said Procopiou, founder of Dynacom Tankers Management, Dynagas and Sea Traders, at a Capital Link shipping conference in Athens. He said that shipowners were ” living in a grey area all the time, what is legal what is illegal, and we see banks and insurance becoming more strict than the regulations are and that creates a lot of misunderstandings”.

Meanwhile, Evangelos Marinakis, chairman of shipping group Capital Maritime, told the conference  that he thought the EU was making a mistake when it decided last week, with some exceptions, to stop buying all Russian crude oil delivered by sea from early December, and will ban all Russian refined products two months later.

“Instead of penalizing Russia, we’re penalizing ourselves”, he said.