In response to escalating international sanctions against Russia, Panama and Barbados are set to revoke the flags of convenience for a significant number of Russian-linked oil tankers, compelling these vessels to seek new registrations.
The Barbados Maritime Ship Registry has announced that by the end of January 2025, it will require 46 vessels to remove the Barbadian flag due to United Kingdom-imposed sanctions. Of these, 14 ships are also under United States sanctions.
Similarly, Panama’s ship registry disclosed earlier this month that it has initiated the de-listing process for 68 vessels sanctioned by the U.S.
This development follows the implementation of comprehensive sanctions targeting Russia’s energy exports earlier in January 2025. As a result, affected vessels are anticipated to seek new registrations, with some already re-flagging under countries such as Tanzania and São Tomé and Príncipe.
The removal of these flags underscores the increasing challenges faced by Russia’s so-called “shadow fleet”—a network of tankers operating under various flags to circumvent sanctions. The reliance on less reputable registries highlights the disruptive impact of international sanctions on the logistics supporting Russia’s oil exports.
Barbados, known for its stringent maritime safety standards, had previously been a favorable flag state for Russian shipping. However, the nation has now aligned with UK sanctions, leading to the de-flagging of non-compliant vessels.
Panama, a major player in global shipping, recently adjusted its registry policies to align with sanctions from the U.S., European Union, UK, and United Nations, prompting the removal of the sanctioned ships.
These actions reflect a broader international effort to tighten restrictions on Russia’s maritime activities and limit its ability to finance ongoing geopolitical endeavors through oil revenues.