Prime Minister Keir Starmer is set to launch a “call to action” for the private sector—including insurers—regarding the use of shadow fleets carrying Russian oil.
The government, along with other European states, is set to endorse a plan to “share information about the Russian fleet” and “work with the private sector and other maritime stakeholders to address the threat,” as reported by Bloomberg.
The Prime Minister is set to endorse the plan at the European Political Community summit on Thursday, which will be hosted at Blenheim Palace in Woodstock.
The vision is to have officials and experts from the different countries to meet as a group to urgently “take forward concrete measures”.
It was reported earlier this month that a British business had traded Russian liquefied natural gas (LNG) by operating an “unusual ship.” It was reported the “unusual ship” can carve through ice, enabling it to travel up into the Arctic Circle and back even in the depths of winter.
The ship is equipped to travel back and forth between Siberia and Europe, with the potential to bring back copious volumes of gas from Russia. However, due to technicalities, this would not breach the sanctions put in place after the Russian invasion of Ukraine.
Since the sanctions were brought in, many energy companies have operated within legal grey areas.
Western nations have now outlined plans to clamp down on any loopholes.
It was reported the upcoming statement will read that “Russia’s ‘shadow fleet’ poses a threat to our nations and others who depend on the world’s seas and oceans.”
An unnamed person told Bloomberg that this action “could see more Russian dark fleet vessels sanctioned”.
At this meeting, the officials of the nations involved will call on flag and port states to enforce safety rules, including those relating to ship-to-ship transfer operations and the requirement to have valid certificates of insurance on board.
It was reported that the nations will urge “ship owners and operators, the marine insurance industry, ship brokers and other relevant maritime stakeholders” to “adhere to their relevant obligations, and support the prevention, detection and reporting of ‘shadow fleet’ activities.”
Earlier this year, it was revealed the British insurance industry has insured over €120bn (£101bn) worth of Russian oil between March 2022 and November 2023.