OFAC Sanctions Russian Fleet Operator, Vessels

The Office of Foreign Assets Control last week sanctioned Russian state-owned shipping company and fleet operator Joint Stock Company Sovcomflot along with 14 of its crude oil tankers. Deputy Treasury Secretary said the designation will deal a “huge blow” to Russia’s shadow fleet operations (see 2303230010), which it uses to try to evade the global price cap on Russian oil.

General License 88A and 91A authorizes certain transactions with Sovcomflot, and other entities designated by OFAC last week (see 2402230035), related to the wind-down of business activities and involving certain safety and environmental transactions, respectively. License 88A authorizes those transactions through 12:01 a.m. EDT April 8, and 91A authorizes transactions through 12:01 a.m. EDT May 23.

General License 92 authorizes the offloading of cargo from Sovcomflot vessels through 11:59 p.m. EDT April 8 as long as the cargo was loaded before Feb. 23. General License 93 authorizes certain transactions involving Sovcomflot vessels “provided that such vessel is not identified on” OFAC’s Specially Designated Nationals and Blocked Persons List.