ECONOMY

Shipowners wary of moving Russian oil

Shipowners wary of moving Russian oil

Shipowners are becoming increasingly wary of moving cargoes of Russian oil due to the conflict in Ukraine and the impact of Western sanctions on Moscow, the head of leading private Greek shipping group Angelicoussis said on Wednesday.

Maria Angelicoussis, the group’s CEO, said the conflict was having a big effect on the tanker market.

“There is a big hesitancy among shipowners to ship any Russian oil or products,” she told the FT Commodities Global Summit.

“There is self-sanctioning. European refineries are having to source oil from further away.”

Angelicoussis Group is one of the world’s biggest private shipowning groups and its fleet includes oil tankers.

“We won’t be lifting Russian cargoes,” Angelicoussis said: “There is a huge ethical component of that as well.” [Reuters]