A surge in LNG tanker purchases by UAE-registered companies has raised fears that Russia may be assembling a “dark fleet” for transporting liquefied natural gas, the Financial Times reported, citing data on tanker acquisitions.
According to Windward, a risk consultancy mentioned in the report, since the second quarter of last year, companies in the United Arab Emirates have purchased over 50 LNG tankers. The Financial Times highlighted that this represents a significant increase from the sporadic LNG tanker purchases seen before that year.
The report also referenced data from Kpler, whose risk and compliance unit suggested that the rise in LNG tanker acquisitions could indicate “a complex network of maritime operations potentially linked to Russian interests.” The ship-tracking company noted that some of the LNG tankers recently sold are now navigating routes commonly used to transport Russian gas to global markets.
Russian LNG was the last energy commodity to face sanctions from the European Union, largely due to the bloc’s ongoing—and politically sensitive—dependence on it. Earlier this year, Europe was revealed to be Russia’s largest LNG buyer.
However, this did not stop the EU from imposing sanctions on Russian LNG in late June, aiming to restrict Russia’s ability to profit from its liquefied gas. The sanctions included a ban on re-exporting Russian LNG to third countries via European ports, along with a prohibition on new investments and technology transfers for Russian LNG projects.
These sanctions, which added to the U.S. sanctions introduced last year, have started to impact Novatek’s Arctic LNG 2 project. Foreign partners have withdrawn, taking their offtake commitments with them, forcing Novatek to reduce production at Arctic LNG 2 this year.