US is letting investors move sanctioned tankers into legitimate trade, Energy Secretary Wright says

US Energy Secretary Chris Wright said on Monday that the administration is approving sales of sanctioned oil tankers so they can legally carry crude, Bloomberg reports via gCaptain. Speaking at a Citadel Securities event in New York, Wright said the government was working with investors who buy idle sanctioned tankers, refurbish them and use them for oil that is not under sanctions. He put the sanctioned fleet at about 1,600 vessels, said dozens or even hundreds could switch, and insisted the ships would no longer carry sanctioned oil. The National cites a Kpler estimate that only 24 of roughly 160 OFAC-sanctioned vessels could realistically return to mainstream trade.

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