Russia Continues to Depend on Europe for Oil Shipping

Trade & Border IssuesHot Spots
Written By Jennifer Joslyn

🇷🇺 Russia Continues to Depend on Europe for Oil Shipping.

Russia continues to depend on European shipping to transport its oil, even as its supplies exceed the price caps set by the Group of Seven (G-7) and its allies, according to the Centre for Research on Energy and Clean Air (CREA) based in Helsinki. Approximately two-thirds of Russian crude and petroleum products are transported by vessels insured or owned in countries implementing the G-7 price caps. This reliance on European shipping indicates that Moscow still heavily utilizes the European shipping industry. The G-7 and its allies imposed caps on Russia's crude oil exports in December and on refined fuels like gasoline and diesel in February. However, the price cap has been undermined by a combination of Russia's use of Western vessels and the creation of a "shadow fleet" of tankers operating outside the jurisdictions of countries imposing sanctions.

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