US Considers Easing Sanctions on 'Shadow Fleet' to Reduce Shipping Costs

The Trump administration is exploring the possibility of easing sanctions on vessels previously used to transport oil from Russia, Iran, and Venezuela. The move aims to increase oil shipments from the Gulf and lower freight rates, which have reached record highs. Companies would need authorization from the U.S. Treasury Department to use the ships, but the administration insists the exemptions would not permit sanctioned Russian or Iranian oil shipments. Maritime industry sources warn that the impact on shipping costs could be limited due to insurance restrictions.