Western efforts to curb Russian oil exports are being challenged by Russia’s active operation of a “ghost fleet” of uninsured tankers. Despite sanctions imposed by the G7 and the European Union, Russia continues to export significant amounts of oil, which is crucial to funding its military operations in Ukraine.
Recent data shows that if the authorities pursue just 15 tankers from Sovcomflot, Russia’s state-owned shipping giant, it could have a devastating impact on Moscow’s oil revenues. These ships, which account for half of Sovcomflot’s sea exports, are essential for the steady flow of Russian oil to world markets, elEconomista says.
The United States and its allies are considering expanding sanctions to include these 15 tankers, seeking to further undermine Russia’s export capabilities without significantly impacting global oil prices. Strategists suggest that such a move could be made gradually to mitigate the negative economic impact.
On the other hand, the situation is further complicated by Russia’s evasive tactics, including frequent changes of flag and ship names, which make it difficult to effectively enforce international sanctions.
This cat-and-mouse game highlights the challenges facing the West in trying to contain Russian oil revenues without seriously disrupting global energy markets.
