Dubai Firm Loses Bid to Escape Sanctions on ‘Shadow Fleet’
- Fractal says it faces liquidation if UK measures aren’t lifted
- UK imposed sanctions targeting firms shipping Russian oil
Fractal was one of several firms that sprouted in early 2022 shortly after a Group of Seven price cap and wider western sanctions on Russian oil.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
A Dubai-based shipping firm that was targeted for allegedly being part of Russia’s shadow fleet has lost a court bid to suspend UK sanctions, in the first public challenge of cases connected with the oil price cap.
Lawyers for Fractal Marine DMCC, which managed a fleet of 28 vessels as an intermediary between owners and charterers called the UK government’s allegations “entirely baseless.” They had argued that the company, which was set up in early 2022, would be forced into liquidation unless the measures were lifted.