When the US government sanctioned a major Russian leasing operation in August 2022, Idel Shipping moved quickly to pull its general cargo ships from the blacklisted financier.
By the end of the month, the low-profile Idel had signed deals to buy its vessels out of the leases with GTLK, legal documents show.
Still, the US State Department sanctioned Idel’s vessels for the sale-and-purchase transaction that allowed it to end its connection with GTLK, leading the Russian shipowner to file an appeal that would not be resolved more than a year later.
