28 November 2025 Lloyd's List
The UK government has sanctioned two Russian insurance companies and 30 tankers for breaching sanctions on Russia’s oil and shipping industry.
Alfastrakhovanie and VSK, both providers of marine insurance to vessels shipping Russian energy commodities, were designated. The UK government already sanctioned Ingosstrakh, another provider, last June.
This takes the total of ships listed by the Office of Financial Sanctions Implementation in 2024 to 73, the government said.
When shipyard capacity is constrained, the lead time for commissioning new vessels lengthens. Shipowners may then be forced to keep older ships in operation longer, or they might look to the second-hand market to meet their fleet needs. Tight yard space can also affect newbuild pricing, pushing up costs and limiting flexibility.
The availability of shipbuilding slots has been bottlenecked, particularly in the most prolific shipbuilding nations. China now averages around 3 years in delivery time, with Tankers at 2.8 years, and LNG vessels even higher. Capesize Dry Bulkers ordered in 2024 are currently expected to be delivered in 3.6 years on average.
Source: UK Foreign Office
Eleven of the tankers are owned by Russian government-controlled Sovcomflot with the remaining vessels part of the so-called elderly and substandard dark fleet* of sanctions-circumventing ships operating outside Western jurisdiction.
All but two are aframax and suezmax tankers, the most heavily relied upon size for Russian shipments of crude and oil products to buyers in Asia and Türkiye.
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