Deep dive: OFAC sanctions and the impact on flows and freight
In this special report we look at the impact to flows and freight after the recent OFAC sanctions on tankers trading in Russia. We explore various scenarios on whether Russia can maintain its crude export levels. Replacement of the newly-sanctioned fleet is possible with a combination of non-Western new entrants and Greek operators lifting crude below the cap. By downloading the report, you will also gain complimentary access to the exclusive market briefing from the Vortexa analysis team, accompanying the sanctions impact analysis in detail.
Key report takeaways:
- 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