Russia's shadow oil tanker fleet is expanding, transporting up to 70% of the country's offshore oil, despite Western efforts to rein in Moscow's wartime energy revenues, according to a study. are.
The amount of Russian crude being transported in poorly maintained and underinsured tankers has nearly doubled in a year to 4.1 million barrels per day by June, the report says. published The Kyiv School of Economics (KSE) announced on Monday.
The findings highlight the multiple challenges Kiev's Western allies face in their efforts to force Moscow to end the war in Ukraine and isolate the Russian economy.
In December 2022, the UK, along with G7 countries, Australia and the EU, introduced a price cap of $60 per barrel to restrict Western companies from transporting, servicing and brokering cargoes of Russian crude oil, resulting in significant trade. It weakened Russia's ongoing oil trade. It relies on tankers owned and insured by the West.
The move was seen at the time as a compromise amid concerns that a total embargo could lead to a sharp rise in oil prices and a global oil price shock.
But Russia quickly found a way around the measure by leveraging a so-called shadow fleet of old tankers with opaque ownership, allowing it to sell a significant portion of its oil above the price cap.
The KSE paper estimates that Russia has invested at least $10bn (£7.6bn) in the fleet since the beginning of 2022. “This strategy has significantly reduced the influence of the sanctions regime,” the report said.
According to Lloyd's List Intelligence, a maritime information service, more than 630 tankers, some of which are more than 20 years old, are carrying Russian crude oil as well as Iranian crude oil, which is subject to sanctions. I'm involved.
Western governments are trying to crack down on Russia's shadow fleet, with Britain last month announcing sanctions against 10 ships believed to be at the center of the operation.
Calling for tougher sanctions on Russian oil, the KSE has warned that an uninsured Russian shadow fleet could soon cause an environmental catastrophe in European waters. Much of Russia's oil is transported through busy international shipping routes such as the Baltic Sea and the Strait of Gibraltar.
The KSE paper states, “Although a major oil spill has been avoided so far, a major disaster is waiting to happen, and cleanup costs will reach billions of dollars.” .
Sweden's foreign minister previously told the Guardian that the Russian government appeared prepared to cause “environmental damage” by sailing unseaworthy oil tankers through the Baltic Sea in violation of maritime regulations.
