The UK government banned Russian gas imports, but left a glaring hole: Glasgow–based Seapeak Maritime’s fleet of Arctic vessels continues to facilitate Putin’s global trade in gas worth billions.
As world leaders continue to respond against Russia‘s illegal invasion in Ukraine, sanctions must play a major role in choking off the Kremlin’s financial lifelines which allow it to fund its ongoing attacks.
The UK has led the way in imposing tough sanctions against Russian oil, gas and other energy sources. This includes the crucial step of banning Russian LNG imports. Despite all of these efforts, there are still troubling loopholes. In Glasgow, Scotland, Seapeak Maritime, one of the largest independent owners and operators of liquefied-gas vessels, continues to facilitate the flow Russian gas around the world from their offices in the heart of Glasgow.
Seapeak Maritime owns six ice class LNG carriers, among them the Yakov Gakkel. These vessels transport Russian liquefied gas (LNG), from the Arctic, to European ports. These ships, managed and registered in Scotland, help Russia export around $8 billion worth LNG each year, mainly from the Yamal Peninsula and Gydan Peninsula, which have the world’s biggest gas reserves.
The Kremlin’s efforts to expand its infrastructure for gas production and export in the Arctic directly undermine efforts to combat climate change and decarbonize the world. The revenue generated by this trade is also used to fuel Russia’s war chest and finance missiles and weapons which are used daily to destroy Ukrainian cities and civilians.
This situation is made even more alarming by the fact that British Protection and Indemnity Insurance providers (P&I), who also insure these LNG tankers, are also involved.
While the UK has banned insurance for Russian oil tanks, LNG vessels have slipped through the cracks.
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