Russian oil ship-outs edge higher
(MENAFN) Russia’s oil exports have seen a modest uptick over the past two weeks, partly due to the reactivation of several tankers previously sanctioned by the U.S., according to a Bloomberg report citing ship-tracking data.
The increase comes amid ongoing Western efforts to limit Moscow’s energy revenues due to the Ukraine conflict. However, the report notes that the U.S. under President Donald Trump has opted not to impose new sanctions, allowing some vessels blacklisted under former President Joe Biden to resume operations.
Out of 39 tankers sanctioned in 2023 and 2024, at least 18 are now actively transporting Russian crude, after being inactive for months, Bloomberg stated.
Sanctions last year targeted Sovcomflot—Russia’s largest state-owned shipping firm—and 14 of its crude carriers. Efforts also extended to Moscow’s so-called "shadow fleet," a group of older vessels used to dodge restrictions.
Since taking office in January, President Trump has focused on diplomatic negotiations to end the Ukraine conflict and adopted a more cautious sanctions strategy. Although he has threatened broader penalties if Russia refuses to engage in peace talks, he has also hinted at loosening restrictions as a bargaining tool.
Despite the increase in shipment volumes, Russia’s weekly oil revenue remains steady at around $1.3 billion, as falling crude prices offset the rise in exports. Prices have dropped recently due to oversupply and global economic uncertainty.
Before the Ukraine conflict intensified in 2022, nearly 50% of Russian crude went to Europe. By 2024, that figure dropped to 10% due to EU embargoes. Russia has since pivoted to China and India, which now account for 87% of its oil exports, up from 35% prior to the conflict, according to Oxford Analytica.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
