The European Union has introduced its toughest sanctions on Russia since the war in Ukraine began, this time targeting the oil and gas sector. While the focus is on Russia’s shadow fleet of oil tankers, the sanctions also include Japan’s Mitsui O.S.K. Lines (MOL), a major global shipping company.
Among the 189 vessels listed are three LNG carriers owned by MOL and chartered for Russia’s Yamal LNG project. The EU aims to cut off funds that are believed to support Russia’s war efforts.
The vessels North Light, North Moon, and North Ocean were built in late 2024 and are equipped with ice-class hulls, each over 93,000 dwt. Bloomberg reports they’ve been transporting gas from Yamal to Asia, under Singapore registration and MOL’s management.
The EU emphasised that the latest sanctions aim to halt vessels enabling Russia’s gas trade, highlighting the use of a “shadow fleet” operated by obscure third parties. It remains unclear whether Japan’s Mitsui O.S.K. Lines, one of the world’s largest shipping companies, was an intentional target. However, EU officials said their response is hardening as “Putin feigns interest in peace,” warning that Russia and its backers will face escalating consequences if the war continues.
MOL plans to fully cooperate with the EU and Japanese authorities in response, stating, “We will consult with various parties and take appropriate measures.” The company said it reviews the sanctions and assesses their impact on its LNG operations, reaffirming its commitment to comply with all applicable laws and regulations.
The gas sector sanctions are part of the EU’s 14th package, introduced in June 2024. In return, Russia has relied on shadow fleet vessels and ship-to-ship transfers. The EU now aims to cut gas imports from Russia entirely, with plans to phase them out between 2027 and 2030.
