EU sanctions and new US measures have led to a decline in Russian oil shipments via the Baltic Sea, impacting the shadow fleet and raising concerns about the condition of vessels operating in the region.
Russia's oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland's Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.
Treasury document circulating among traders in Europe and Asia, revealed that some 180 vessels, several senior Russian oil executives, dozens of traders and two major oil companies are targeted by the sanctions. Later, it emerged that the Biden administration has targeted Surgutneftgas and Gazprom Neft, two firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls a day in 2024.
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