Tag #Flags Of Convenience

What are the immediate safety and regulatory implications of the Eventin and Jazz incidents, considering their Panama registration?

Two tankers, Eventin and Jazz, experienced mechanical failures while transporting Russian oil across the Baltic Sea. Both vessels, despite differing circumstances, are registered in Panama, a country known for its 'flag of convenience' status, allowing for relatively inexpensive registration with minimal oversight. This practice raises concerns about safety and regulatory compliance.