Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Shipowners have become cautious to move Russian oil cargoes as a result of the Russia-Ukraine conflict, said Greek shipping services provider Angelicoussis Group CEO Maria Angelicoussis.

At the FT Commodities Global Summit, Angelicoussis said the conflict ‘was having a big effect’ on the tanker market, reported Reuters.

“There is a big hesitancy among shipowners to ship any Russian oil or products. There is self-sanctioning,” she continued.

She further added: “European refineries are having to source oil from further away.”

The Greek shipping company has said that it will avoid lifting Russian cargoes.

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US President Joe Biden has placed a ban on Russian oil and other energy imports in the wake of Moscow’s invasion of Kyiv. There is also increasing uncertainty over potential stringent sanctions against Russia across Europe.

Meanwhile, the news agency also reported that around 140 foreign-flagged ships currently stranded in Ukraine due to the war are slowly exhausting food and medical supplies.

These vessels are from 20 countries and together have more than 1,000 mariners on board.

So far, five merchant vessels have been hit by missiles off Ukraine’s coast.

Recently, the International Maritime Organisation announced that it will work to create a safe maritime corridor to allow seafarers and ships to move from the high-risk areas in the Black Sea and the Sea of Azov.