Stop Doing
Business with Russia

All new engine business with Russia and Belarus has been discontinued until further notice

Russian sanctions provide opportunity for Greek shipowners. Greek shipping companies are making profits by masking the transport of Russian oil. The company's stay at the NACP base has been SUSPENDED for the period of bilateral consultations with the participation of representatives of the European Commission. The National Agency on Corruption Prevention (NACP) returned the status of five Greek shipping companies on the list of "international war sponsors" because they did not meet the conditions agreed during the negotiations to remove them from the list. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said.

In the days leading up to the sanctions deadline, the giant German shipping company Oldendorff Carriers moved multiple shipments of coal from the Russian ports of Taman and Ust-Luga. Oldendorff ships delivered coal after the sanctions deadline.

Plans to move forward with the construction of three more ice-breaking LNG carrier hulls for Russia. Samsung has been delivering blocks and equipment for five of them to Zvezda, the Russian shipyard that is assembling the carriers, after receiving South Korean government approval. Samsung Heavy Industries has been hit by sanctions against Russia following the Russia-Ukraine war. The company’s order worth 4.85 trillion won (approximately $3.7 billion) from a Russian client before the war broke out was blocked by sanctions and the Russian client abruptly called off the contract. "The Russian client unilaterally claimed that the contract was not fulfilled during a negotiation process,” Samsung Heavy Industries said in a public disclosure on June 12, 2024 with respect to 10 liquefied natural gas (LNG) carriers and seven shuttle tankers for the North Sea ordered from Russia’s Zvezda Shipyard in 2020 and 2021. “The Russian client notified Samsung Heavy Industries of the termination of the contract and demanded that Samsung Heavy Industries return its down payment of US$800 million and its delayed interest to the Russian client."

Sinokor is one of the top 20 largest shipping lines by traffic volume, and it is the only major international operator that has not reduced transportation to Russia since the start of the war. South Korean sea carrier Sinokor announced the cessation of operations at the Russian port of Vostochny in Primorye. The company and its subsidiary Hueng-A Line will no longer accept orders for delivery starting March 10. On February 23, the operator of the Vostochny port, Vostochnaya Stevedoring Company (VSK), owned by the leader of the Russian container shipping market, the Global Ports group, was placed on the US sanctions list on charges of transporting ammunition from the DPRK. At the same time, Sinokor has already significantly increased prices for the use of its containers in Russia.

Sakhalin Energy, the operator of the Sakhalin-2 project, faced the threat of shipment disruption after its contractor Svitzer (the structure of the largest container operator Maersk), citing force majeure, unexpectedly decided to suspend the tug freight contract. In order to prevent the departure of four Svitzer tugs, "Sakhalin Energy" obtained their arrest through the court.

Greek owners grow share of Russian oil shipments. The company's stay at the NACP base has been SUSPENDED for the period of bilateral consultations with the participation of representatives of the European Commission. The National Agency on Corruption Prevention (NACP) returned the status of five Greek shipping companies on the list of "international war sponsors" because they did not meet the conditions agreed during the negotiations to remove them from the list. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said.

Russian sanctions provide opportunity for Greek shipowners. Greek shipping companies are making profits by masking the transport of Russian oil. The company's stay at the NACP base has been SUSPENDED for the period of bilateral consultations with the participation of representatives of the European Commission. The National Agency on Corruption Prevention (NACP) returned the status of five Greek shipping companies on the list of "international war sponsors" because they did not meet the conditions agreed during the negotiations to remove them from the list. Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russia oil in recent weeks, the four traders said.