CREA finds shadow tankers now carry 42% of Russia's seaborne oil

Tankers owned and insured outside price cap countries carried 42% of oil leaving Russian ports in July 2023, up from 13% before the invasion of Ukraine, according to a briefing published on 25 September by the Centre for Research on Energy and Clean Air (CREA). It says such "shadow" tanker voyages with Russian oil rose by 82% after sanctions took effect, mainly through more trips rather than more ships. Since the EU embargo and price cap began on 5 December 2022, they moved 36% of Russia's oil exports by volume. CREA says cap-compliant tankers still lift Russian oil priced above the cap, which it attributes to weak monitoring and enforcement, and urges lowering the cap to $30 a barrel.

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