Two dozen of the 50 tankers subject to US sanctions since October 2023 have stopped transporting Russian oil.
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According to Bloomberg, after the restrictions were introduced, only 18 tankers loaded oil. Another ship was already carrying cargo at the time the sanctions were imposed. Other tankers are now idle. At the same time, seven tankers were idle even before they were included in the list of sanctions.
Over the past two months, Bloomberg writes, 14 tankers transporting Sokol oil to India did not reach their destinations, almost half of them turned around. However, of these, only three ships were subject to sanctions.
Eric Van Nostrand, acting assistant secretary of the Treasury for economic policy, said the restrictions “are achieving” their goals: depriving Russia of energy trade profits needed to fight the war in Ukraine and promoting stability in energy markets.
As Bloomberg notes, the impact of the restrictions on Russian oil trade is difficult to assess, in particular due to the “secret nature” of this trade.
The G7 countries and the European Union introduced a price ceiling on Russian oil in 2022 – companies were prohibited from transporting and insuring oil purchased from Russia for more than $60. per barrel. It was assumed that this measure would limit Russia’s income from oil exports without creating a jump in energy prices on the world market. However, China and India did not join the decision of Western countries, where Russia redirected about 90% of exports after the introduction of restrictions.
In December 2023, Bloomberg wrote that about half of Russia’s exports come from a “shadow fleet” made up of old tankers that turn off their beacons so they cannot be seen by tracking systems. The agency also estimated that Russia spent $11 billion over the year to circumvent restrictions. Moreover, in October 2023 alone, Russia received $11.3 billion. from oil trading
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.