Oil export from Russia has reached 3.5 million barrels per day – a record since the war began.
The G7 countries are now preparing a strike against the Russian Federation’s 'shadow fleet’, which is made up of ageing ships that maintain a low profile by sailing without insurance, turning off transmitters, falsifying documents, or painting over a name. This fleet has swelled to 600 ships, with 400 crude oil vessels and 200 smaller product tankers exiting mainstream operation to do Russian business. Normally the ships are owned by shell companies whose managers are difficult to trace. The freight they’re tasked with sustaining is enormous, as Russia accounts for 14% of global crude oil supply and revenue from both oil and natural gas made up nearly half of its federal budget.
Shadow fleets have emerged in the past to help Iran sidestep US sanctions or ferry Venezuelan oil for the same purpose, but the stakes may be more readily apparent to anyone who sees the unsettling images streaming out of The Ukraine.
The risk of accidents and oil spills increases with the use of shadow fleets, as many of the ships are badly maintained, uninsured and ill suited to long-haul journeys.
CENTRAL EASTERN EUROPE NEWS
Russian Oil Exports
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