OFAC Imposes Sanctions on Marshall Islands Tanker Owner

The Office of Foreign Assets Control (OFAC) in Washington DC has issued sanctions against a tanker owner and two of its vessels due to alleged involvement in the transport of Russian and Iranian oil.

Gemini Marine, a company registered in the Marshall Islands, is the latest shipping firm to face sanctions in a series of actions taken by the US Treasury.

Two of Gemini Marine’s tankers have also been sanctioned: the Frunze, a 105,000 dwt, 21-year-old vessel flagged in the Cook Islands, and the Izumo, a 150,000 dwt, 21-year-old tanker registered in Gabon. Gabon’s flag registry has seen rapid growth alongside the expansion of the so-called dark fleet of tankers trading globally.

In recent weeks, OFAC has been actively targeting the shipping industry, adding numerous crude tankers to its sanctions list and focusing on Russia’s LNG fleet as well.