CREA: shadow tankers carried 64% of Russian crude in January

Shadow tankers carried 64% of Russia's seaborne crude in January 2024, with vessels owned or insured in price cap coalition countries carrying the remaining 36%, the Centre for Research on Energy and Clean Air (CREA) says in its monthly analysis published on 14 February. For oil products, chemicals and LPG, shadow tankers handled 37% of volumes. Overall, half of Russian oil and products moved on tankers subject to the price cap. CREA estimates thorough enforcement of the cap would have cut Russia's revenues by about EUR 0.8bn in January. It argues that Russia's reliance on EU and G7 owned or insured ships gives the coalition leverage to tighten the sanctions.

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