Prominent shipping financier added to UK sanctions against Russia

John Ormerod helped Russian oil giant Lukoil create a network of companies in the Marshall Islands.

Not only Russian ships, captains and banks were subject to restrictions, but also a British citizen – John Ormerod, one of the most famous specialists in the field of shipping finance. “Splash” writes about this.

Ormerod helped Russian oil giant Lukoil create a network of companies in the Marshall Islands, through which at least 25 used tankers were purchased in 2022-2023.

Financing was provided by Lukoil’s shipping division – Eiger Shipping from Dubai. The total volume of deals reached more than 700 million US dollars.

Ormerod, whose career spans Hambros Bank, Bankers Trust, Den Norske Bank and his own firm Ormerod Allen & Co, was among the key players in the “shadow fleet” through which Russia circumvented the oil embargo and price ceiling.

The day before, USM reported that the EU had also approved the 17th package of sanctions against Russia.