Deep dive: OFAC sanctions

Deep dive: OFAC sanctions and the impact on flows and freight

Tankers newly sanctioned by OFAC had loaded a record-high share of Russian crude exports in December. Sanctions targeted the most active vessels in Russia Far East
Vessels lost to OFAC sanctions mean Russia will have to engage with the price cap mechanism to keep exports steady
Previous rounds of OFAC sanctions have effectively halted further Russian employment. Replacement of the newly-sanctioned fleet is possible with a combination of non-Western new entrants and Greek operators lifting crude below the cap

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Tankers newly sanctioned by OFAC had loaded a record-high share of Russian crude exports in December. Sanctions targeted the most active vessels in Russia Far East
Vessels lost to OFAC sanctions mean Russia will have to engage with the price cap mechanism to keep exports steady
Previous rounds of OFAC sanctions have effectively halted further Russian employment. Replacement of the newly-sanctioned fleet is possible with a combination of non-Western new entrants and Greek operators lifting crude below the cap