Shippers struggle with sanctions on Russia
“Sanctions have never worked,” Procopiou, founder of Dynacom Tankers Management, Dynagas and Sea Traders, told a Capital Link shipping conference in Athens.
“At least my recommendation… is to be clear on what is allowed and what is not because we are living in a gray area all the time, what is legal, what is illegal, and we see banks and insurance becoming more strict than the regulations are and that creates a lot of misunderstandings,” he said.
The European Union decided last week, with some exceptions, to stop buying all Russian crude oil delivered by sea – or two-thirds of all EU imports of Russian crude – from early December, and will ban all Russian refined products two months later.
“I think European leaders are making a mistake,” Evangelos Marinakis, chairman of shipping group Capital Maritime, told the conference, when asked to comment on challenges faced by the sector.
“Instead of penalizing Russia, we’re penalizing ourselves.”