BRUSSELS — The EU is discussing whether to sanction Dubai-based shipping company SUN Ship Management Ltd, which is suspected of helping Russia circumvent restrictions on its oil exports, three diplomats told POLITICO’s Brussels Playbook on condition of anonymity.
The diplomats said the company was believed to have come into possession of a fleet of Russian oil tankers that were no longer allowed to ship oil because of EU and international sanctions on Russian-owned entities. Under SUN’s ownership, the tankers have been able to continue to operate.
Russian state-owned company Sovcomflot is believed to have transferred its entire fleet of 92 vessels in April 2022 to SUN in order to circumvent EU and international sanctions, two of the diplomats said. The company, whose previous name SCF Management Services resembled that of Sovcomflot, was subsequently renamed SUN Ship Management.
The company has become one of the main transporters of Russian oil to countries including India and Cuba, providing a major source of funding for Russia, the two EU diplomats said.
SUN Ship Management did not immediately respond to phone calls and a request for comment.
A website that purports to represent the company states that it is “owned by UAE and Russian nationals and managed by multinationals” and owns, manages and operates a fleet of 92 Liberian and Cypriot flagged “Crude Oil, LNG and chemical vessels with a capacity of more than 150,000 tons DWT.”
