Panama Deregisters 107 Ships Due to Sanctions

Panama has revoked the registration of 107 vessels that were sailing under the country's flag and were included in sanctions lists, REUTERS reports , citing the Panamanian Maritime Authority.

The process of deregistering another 18 vessels is underway, they added.

It is not specified which courts and which sanctions lists are being discussed.

Several days ago, the HEAD of the maritime department, Ramon Franco, announced that Panama intends to cancel the registration of 128 vessels included in the US sanctions lists . According to him, at least 70 tankers have already been excluded from the corresponding register. These measures will lead to a loss of up to $2 million, he specified.

In January, the US (under former President Joe Biden) imposed sanctions on 183 vessels that were classified as part of Russia's "shadow fleet" for transporting oil or that belonged to Russian companies. The list also included about 70 ships sailing under the Panamanian flag. The West had previously imposed sanctions on tankers that were suspected of transporting Russian oil in violation of G7 restrictions, in particular the price ceiling of $60 per barrel.

In response to the price cap, President Vladimir Putin signed a decree that proposes a ban on supplies of Russian oil and petroleum products to foreign citizens and companies if the contracts "directly or indirectly provide for the use of a price cap mechanism." The document is valid until June 30.

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