The U.S. imposed sanctions on six Russian oil tankers that are still being built by the Zvezda shipyard in Russia. This is the first time Washington has banned tankers even before they have set sail or carried sanctioned goods.

The sanctions that were imposed by the Biden administration last week led to a rise in oil prices and an increase in tanker shipping costs. They were designed to harm Russia's oil exports, and to hinder Moscow's attempts to build up its own fleet.

A review of measures revealed that six tankers currently under construction in Zvezda are among the 183 vessels affected. The list includes the Nursultan Nazarbayev as well as the Alexander Beggrov and the Alexey Bogolubov. Three others are yet to be identified: Zvezda 1301080, Zvezda 1301060, and Zvezda 131040.

According to the text of the sanctions, Sovcomflot, the Russian shipping arm of Rosneft, is the buyer for the Alexey Bogloubov and Alexander Beggrov. Rosnefteflot, the Rosneft subsidiary, is the purchaser of the four other vessels. Both buyers are also subject to U.S. sanction.

Rosneft's representative and that of the shipyard did not respond to our requests for comments. Both the ministry of transportation and Sovcomflot refused to comment. The Office of Foreign Assets Control of the U.S. Treasury Department did not respond immediately to a comment request.

The sanctions are aimed at the "shadow fleet", which Russia used to avoid a price cap that was imposed by G7 countries on Russian oil priced above $60 per barrel. This cap will be implemented in late 2022 and prohibits western insurance providers from providing shipping services for Russian oil.

A source in the Russian oil trade said that if Russia had to finish ships still under construction, it would be difficult for them to justify their cost.

Research based on shipping statistics showed that Russia will face a shortage in tankers to export oil after the sanctions. More than 60% of oil tankers listed had entered Russian ports within the past two months.

A shortage of Russian oil ships has already caused a sharp rise in shipping rates around the world.

Zvezda was established in 2015. It is the only shipyard in Russia capable of building large oil and gas vessels. Last week, the shipyard was also targeted by U.S. sanction. (Reporting in MOSCOW by and Gleb Stolarova in TBILISI; additional reporting in WASHINGTON by Timothy Gardner Editing by Peter Graff.)

(source: Reuters)