Lloyd’s List Intelligence and oil analysts have noted that Panama, the Marshall Islands, and Liberia have been unwittingly involved in the “flag hopping” phenomenon. Approximately 40% of the 535 dark-fleet tankers have registered ownership through companies incorporated in the Marshall Islands, according to Lloyd’s List Intelligence. The letters addressed to Liberia, the Marshall Islands, and Panama highlight the growing concern over circumvention of the G7’s price cap on Russian oil. While the three countries are not subject to Russian sanctions themselves, the objective of this pressure campaign is not to reduce the number of ships carrying Russian oil but to tighten compliance with the price cap. Embassies in Washington for Liberia, the Marshall Islands, and Panama have not responded to requests for comments as of now.
