A plan hatched by Western nations to deprive Russia of oil revenue is largely faltering, a new report found, with the majority of the Kremlin’s seaborne oil exports evading restrictions.
A plan hatched by wealthy Western nations to deprive Russia of oil revenue is largely faltering, a new report found, with the majority of the Kremlin’s seaborne oil exports evading restrictions that were supposed to limit the price of Russian crude.
The challenges underscore the limitations that the world’s advanced economies have been facing as they attempt to intervene in global energy markets to try to hasten an end to Russia’s invasion of Ukraine. But amid concerns that a full embargo could cause a global oil price shock, the United States and other wealthy democracies settled on an alternative plan. They decided to use the maritime industry, including the shipping companies and insurance carriers that had been the primary conduit for transporting Russia’s seaborne oil, to ensure that any oil travelling by sea could be sold only at a discount: $US60 per barrel, which was about $US15 a barrel less than the price on the global market.
A report by Lloyd’s List Intelligence this month found that record volumes of Russian oil products were carried in September on tankers that are part of its shadow fleet or that have already been sanctioned for violating the price cap. It noted that some of those ships are bringing cargo to China and India, which apparently are willing to disregard Western sanctions.
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