LONDON/NEW DELHI: Gatik Ship Management, based in Mumbai, recently suffered a blow when marine services provider Lloyd's Register announced that it would stop certifying 21 of their ships by June 3. The action is perceived as yet another effort by Western shipowners and insurers to reduce the supply of Russian petroleum into global markets.

As per reports, Lloyd's Register said that it was "committed to facilitating compliance with sanctions regulations on the trading of Russian oil." "We withdraw class and services from any vessels found by the relevant authorities to be violating international sanctions, where supported by evidence."

One of the services provided by London-based classification association Lloyd's Register is performing evaluations to determine a ship's seaworthiness. They also offer certification, which is necessary for acquiring insurance protection and gaining entry to ports. The change occurred when Gatik was looking for new flags for 36 of its ships after the St. Kitts & Nevis International Ship Registry deflagged them.

Major US insurance The American Club confirmed to Reuters that it will no longer provide coverage for Gatik, while Russian insurer Ingosstrakh said it would no longer cooperate with Gatik. Notably, no one has given a precise explanation for why the services were terminated.

Western nations put a price restriction of $60 per barrel on Russian crude oil in response to Russia's invasion of Ukraine in an effort to reduce the flow of revenue to Russia. India, which was already struggling as a result of the sanctions against Iran and Venezuela, made the decision to reject the price cap and continued buying Russian crude at a discount in significant amounts.

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