Part of Russia's "shadow fleet" of tankers is being forced to change the flag under which they operate due to strengthened international sanctions. In particular, Panama and Barbados will strip 114 such vessels of their flags.
The Barbados Ship Register will revoke the registration of 46 vessels under UK sanctions by the end of January 2025. Panama's ship register has begun canceling the registration of 68 vessels.
Barbados is considered one of the most reputable nations in the world for ship registration. Countries that allow vessels to sail under their flag play a key role in maintaining maritime safety standards. Due to Western sanctions, Russian ships increasingly have to re-register in less reputable jurisdictions and change ownership to make them harder to trace.
The actions of Barbados and Panama demonstrate the effectiveness of Western sanctions, which are complicating the operations of Russia's "shadow fleet." It is likely that most vessels will find new places for registration. However, the new restrictions will increase costs and complicate the logistics of exporting Russian oil.
