Russia still relies on Europe to ship its oil

29 Sep 2023 CW Team

Russia remains dependent on European shipping to transport its oil, even as its oil supplies exceed the price caps set by the Group of Seven (G7), as reported by researchers. Approximately two-thirds of Russian crude oil and petroleum products are being transported by vessels that are insured or owned by nations adhering to the price caps imposed by the G7 and its allied countries, according to findings from the Helsinki-based Centre for Research on Energy and Clean Air (CREA).

This reliance on European shipping highlights Moscow's continued heavy usage of the European shipping industry for its oil transportation needs. The G7 price cap was devised with the aim of ensuring a sufficient flow of oil to the global market while restricting revenue to the Kremlin. However, in addition to the use of Western vessels, Russia has also assembled what is colloquially known as a "shadow fleet" of tankers operating outside the jurisdictions of countries imposing sanctions.

These shadow tankers tend to focus on shorter-distance oil transport routes, where the same tanker capacity can efficiently move more supply, as noted by CREA. This innovative approach allows Russia to navigate the challenges posed by international sanctions while maintaining its oil export activities.

The continued reliance on European shipping and the strategic use of shadow tankers underscore Russia's efforts to adapt to evolving geopolitical circumstances and sanctions, ensuring the continued flow of its vital oil exports to global markets.

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