Russia is increasingly using sanctioned oil tankers to export oil, challenging Western efforts to restrict its oil revenues.
Over the past weeks, Russia has been using a growing number of oil tankers sanctioned by the West to export its oil, in a move suggesting that Moscow has become more successful in defying U.S. and EU restrictions. A total of six oil tankers sanctioned by the U.S. , the EU, or the UK loaded oil cargoes from Russia in August, and at least another six have done the same so far in September, according to tanker-tracking data compiled by Bloomberg.
started to ramp up sanctions on entities carrying Russian oil, aiming to stifle Putin's revenues and address the violations of the price cap mechanism under which Russian oil can be transported on Western-owned, insured, or financed tankers only if the price is crude is $60 per barrel or below. In February 2024, the U.S. Treasury and State targeted Sovcomflot and more than a dozen tankers linked to the Russian state-owned fleet operator.
Oil Exports Sanctions Sanctioned Tankers Sovcomflot Dark Fleet Price Cap U.S. EU UK
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