US Treasury Allows Exception for Russian Oil Voyages　米財務省、ロシア原油航海を例外容認

“Hormuz Crisis Expands the ‘Dark Fleet’ to 1,100 Vessels; Navigation Risks for Japan-Linked Ships Remain Unresolved

ホルムズ危機で「ダーク・フリート」1100隻が拡大　日本関係船の航行リスクは解消せず

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on March 12, 2026 issued a “wind-down” authorization allowing the sale, transport and discharge of Russian crude oil and petroleum products that are already at sea until April 11.

■ The article covers the following topics (full article approx. 4,000 words)

→ The United States allows an exception for Russian oil transport — the background behind recognising “cargo already at sea” while maintaining sanctions, and the real intention behind the decision

→ The Strait of Hormuz, through which roughly one-fifth of global oil shipments pass, is effectively in a state of crisis — the reality on the ground as commercial vessels retreat amid missile attacks and the suspension of insurance cover

→ The reality of the “dark fleet” that continues to operate under sanctions — an estimated 1,100 shadow tankers supporting global oil logistics

→ The dilemma facing Japan’s merchant fleet — voyage decisions for Japanese-linked vessels that “cannot escape even if they wish to” in energy transport heavily dependent on the Middle East

→ A crisis reshaping the map of global oil transport — disruption in Hormuz may increase long-haul shipments from the United States and West Africa, potentially moving tanker markets significantly

Photo courtesy of the U.S. Treasury Department Office of Foreign Assets Control (OFAC)

(The remainder of the article can be read in the full text written in English and Japanese. The Japanese article appears following the English version.)

米財務省、ロシア原油航海を例外容認

ホルムズ危機で「ダーク・フリート」1100隻が拡大　日本関係船の航行リスクは解消せず

　米財務省外国資産管理局（OFAC）は2026年3月12日、すでに海上輸送中のロシア産原油・石油製品について、販売、輸送、荷揚げを4月11日まで認める「ウインドダウン（段階的終了）」認可を発出した。

■記事本文では以下の内容を読むことができます（記事全文約4000文字）

→米国がロシア原油輸送を例外容認 ― 制裁を掲げながらも「航海中貨物」を認めた背景と、その本当の狙い

→世界の原油輸送の約2割が通るホルムズ海峡が事実上の危機状態 ― ミサイル攻撃や保険停止で商船が退避する現場の実態

→制裁下でも動き続ける“ダーク・フリート”の実態 ― 約1100隻の影のタンカー網が世界の石油物流を支えている現実

→日本商船隊が直面するジレンマ ― 中東依存のエネルギー輸送で「逃げたくても逃げられない」日本船の航海判断

→危機が変える原油輸送の地図 ― ホルムズ混乱で米国・西アフリカなど長距離輸送が増え、タンカー市況が大きく動く可能性

Photo courtesy of 米財務省外国資産管理局（OFAC）

（続きは英語と日本語で書かれた本文でお読みください。日本語の記事は英文記事に続いて掲載されています）