US weighs easing sanctions on shadow fleet tankers to cut record freight rates, Reuters reports

Reuters reports that the Trump administration is considering easing sanctions on shadow fleet tankers that have carried oil from Russia, Iran and Venezuela to bring down record freight rates, citing a US official speaking on Wednesday. Previously sanctioned ships could carry crude or fuel that Washington does not itself sanction, chiefly to move more oil out of the Gulf, with companies applying to the Treasury to use them. The Energy Department said the change would not help Russia move its oil. Energy Aspects told Reuters most sanctioned tankers had been trading over the past three months, so little extra capacity would appear quickly, while industry sources said insurers would remain bound by EU and UK rules.

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