Peninsula Petroleum response
Peninsula prides itself on its approach to international sanctions compliance and we are often at the forefront of these matters. It is a subject that we take seriously.
When Russia invaded Ukraine in March 2022, Peninsula took a very clear stance in support of Ukraine. We stated: “In light of the recent escalation of armed conflict by Russia in Ukraine, Peninsula is going beyond the currently imposed sanctions and is not doing any business with Russian vessels, ports, companies (owned or majority-owned), suppliers and financial institutions.”
This remains our position. Peninsula continues to go beyond current EU sanctions as follows:
We don’t do any business in Russian ports;
We don’t do any business with Russian companies, sanctioned or otherwise;
We don’t provide products or services to Russian-flagged vessels or those which are owned by Russian individuals or entities;
We don’t procure cargoes of Russian oil to supply in our physical ports; and
We closed down all presence in Russia shortly after the outset of the conflict...
The US, EU and UK guidance published in respect of the maritime transport and services bans relating to Russian-origin oil and oil products very clearly provides that the provision of bunkering services to vessels carrying Russian oil or oil products is not prohibited. Nonetheless, we continue to maintain scrutiny via vessel tracking, enhanced due diligence and contractual protections...
Considering the above framework, we do not prohibit the bunkering of non-Russian flagged vessels legitimately carrying Russian oil and oil products. These vessels, often owned or operated by global shipping companies and commodity trading houses, continue to lawfully transport Russian oil and oil products around the globe...
This is the initial statement which was reported widely across our trade media: Global Bunker Supplier Peninsula Halts Russia-Related Business - Ship & Bunker (shipandbunker.com)
