US Treasury to Allow Purchase of Sanctioned Tankers to Return Them to Commercial Operation
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a mechanism for issuing special individual licenses that allow blocked vessels to be bought out. The new…
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a mechanism for issuing special individual licenses that allow blocked vessels to be bought out. The new policy aims to legalize part of the idle global "shadow fleet."
Key conditions of the new mechanism:
Individual Approval: Buyers must submit a separate application to OFAC for each specific transaction.
Freezing of Seller's Funds: Money for the vessel does not go directly to the sanctioned owner—instead, it is transferred to a special account or goes to creditors to pay off debts.
Mandatory Repairs and Certification: The new owner is required to repair the tanker, return it under the supervision of recognized classification societies, and use it exclusively for transporting non-sanctioned oil.
Vessel and Owner Status: Upon completion of the transaction, OFAC lifts the blocking directly from the tanker itself, but its former owner remains under sanctions. US authorities emphasize that this is not about lifting restrictions, but rather about converting vessels into legal assets.
At the same time, an American license does not automatically lift UK or European Union sanctions if the vessel is included in their lists. Without additional permits from London and Brizel (Brussels), the tanker will not be able to obtain Western insurance.
According to US Energy Secretary Chris Wright, the new order could return dozens or even hundreds of vessels out of the approximately 1,600 tankers making up the global "shadow fleet" into legal circulation.