"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction."
"Moscow, however, has still benefited from its energy trade - taxing the industry typically accounted for nearly half of its federal budget revenues before 2022 - by quietly transporting it via what the West has called a 'shadow fleet' of third-party tankers."
"An analysis from Urgewald, a German NGO, showed Russia's fossil fuel export revenues averaged 510 million euros, or $587 million per day in the week following the strikes - 14% higher than the daily average in February daily average."
The US Treasury Department issued a temporary waiver lifting sanctions on Russian oil for approximately four weeks, ending April 11, to ease global crude supply constraints caused by Middle East tensions. The authorization permits the sale, delivery, and offloading of Russian crude oil and petroleum products already in transit. This move represents a temporary easing of long-standing Western sanctions designed to pressure Russia's finances following its 2022 invasion of Ukraine. Treasury Secretary Scott Bessent stated the measure would provide limited financial benefit to Russia, applying only to oil already in transit and not affecting tax revenues from extraction. Despite sanctions, Russia has maintained substantial energy revenues through shadow fleet operations using third-party tankers, with fossil fuel exports averaging $587 million daily.
Read at Business Insider
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