Dubai-Based Entities to Facilitate Russian Gas Shipments

Several new entities have been set up in Dubai to facilitate the global movement of Russian gas shipments, reminiscent of Moscow's strategies to circumvent sanctions on its oil exports.

Among these new entities are Nur Global Shipping, White Fox Ship Management, and New Transshipment, all positioned to manage the increasing complexities of the global LNG trade as another segment of the merchant fleet goes 'dark'.

According to the Financial Times, which cites data from risk consultancy Windward, more than 50 LNG vessels have changed ownership to companies based in the United Arab Emirates since the second quarter of 2023.

Echoing Russia’s creation of clandestine fleets for crude and products over the past two years, the burgeoning gas fleet in Dubai has driven up prices for older steam turbine carriers this year.

A recently detailed European Union sanctions package targets the transshipment of liquefied natural gas to third countries, with further gas sanctions currently under discussion by policymakers.