US Treasury may allow purchase of sanctioned tankers on case basis

The US Treasury Department may allow companies to buy sanctioned shipping vessels and return them to legitimate shipping on a case-by-case basis, according to a government source and a person with knowledge of the matter.

“Treasury may consider proposals from legitimate shipping actors to purchase and restore shadow fleet vessels to the licit shipping industry on a case-by-case basis,” a US official told Platts, part of S&P Global Energy.

This approach “ensures that no sanctioned person receives any benefit, and reduces the size of the fleet overall, while helping address pressures on the global energy market,” the US official said.

Another source with knowledge of the matter said Treasury’s Office of Foreign Assets Control could be targeting 50-80 sanctioned tankers owned by non-sanctioned companies. There could be 20-30 owners willing to move quickly, the source said.

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