Although Russia publicly claims the opposite, the Kremlin seems concerned about its oil business because of the oil price cap imposed by the EU and G7 countries.
According to reports in the Wall Street Journal and the Financial Times, Moscow has secured old tankers to carry its oil to its remaining customers. According to the reports, shipbrokers and experts from the Rystad Energy company have discovered that Moscow may have more than 100 other ships – some of which are close to being scrapped.
Some of them were said to have been purchased directly, but some were also moved from Iran and Venezuela – apparently to circumvent existing sanctions against these two countries.
After a long battle, the G7 and EU countries decided on Friday to limit Russian oil shipments by ship to $60 a barrel to make it more difficult to finance the war against Ukraine. Moscow had warned in advance that it would no longer supply oil to countries that introduced a cap. “We will not accept this price cap,” Kremlin spokesman Dmitry Peskov told Russian news agencies on Saturday.
He added that Moscow had prepared for such a cap in advance, but gave no further details.
Russia does not have to adhere to this price limit when delivering to countries such as China or India. However, this requires ships, most of which are leased by Western shipping companies. These – as well as insurance companies – are likely to fear fines. You are required to adhere to the price limit.
Experts speak of a shadow fleet that Russia has assembled, according to the report. Some tankers are already 15 years old. “You’re launching a new type of shipping market, parallel to the normal compliant market that most of us operate in,” Lars Barstad, CEO of tanker owner Frontline, told the Wall Street Journal. This flotilla began about a decade ago when the US tightened sanctions against Iran, says John Smith, who once headed the US Agency for the Control of Foreign Assets.
Not all ships are in Russian hands. Some are only rented out depending on customer requirements. It is often unclear who the actual owners are. It is also uncertain whether there is insurance for the shadow tankers. The second-hand tankers are not exactly cheap. According to Stephen Gorden, a ship broker, prices have risen 37 percent in the past six months. For a 15-year-old model, you have to pay almost 52 million dollars (about 51 million euros).
Shadow Fleet tankers particularly excel in their ability to evade sanctions. This can be done with a simple new registration, which allows you to fly under a new flag. Apparently, however, transmitters that indicate the position are also switched off. A report from the US shows that oil is sometimes transshipped on the high seas, ships are repainted or documents are forged.
Seventy tankers that once carried Iranian or Venezuelan oil have been shipped out of Russia since the invasion, Armen Azizian, a crude oil analyst at the ship tracking company Vortex, told The Wall Street Journal.
Indirectly, Putin could even stabilize the oil price with his own tanker fleet. Because if he can no longer bring his most important raw material to the buyers, the price can rise worldwide. (t-online/wan/con)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
