Despite sanctions imposed by Western countries on its so-called 'shadow fleet', Russia is increasingly turning to non-sanctioned vessels for oil exports. This strategy involves using aging, uninsured ships to evade restrictions. However, the risk remains high, as any sanctioned vessel might find itself refused at ports, prompting Russia to seek replacements. The U.S. Treasury has already targeted a large number of Russian-controlled ships, complicating Russia's oil revenue efforts vital for its ongoing activities in Ukraine.
"Moscow now faces the challenge of acquiring many new tankers to sustain its export flows," Katinas said.
"every single load of 650-675k barrels means $6-7 million in additional export earnings," Hilgenstock said.
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