European-owned vessels are now exporting nearly 40% of all Russian oil. This not only blunts the impact of sanctions on Russia but introduces new trade patterns that require greater risk management for marine service providers, including insurers and charterers. Windward analysis of June tanker activity shows that 37% of Russian-origin crude and refined products were...

Not all sanctions are equal. There’s no better contemporaneous example than EU-sanctioned, Russia-trading Aframax tanker Torex (IMO 9257814), which sailed through the English Channel on Thursday (July 3), heading to northern European waters to load at Russia’s Baltic ports. The 22-year-old ‘dark fleet’ ship has learned to play the game of maritime regulatory arbitrage with...