KSE Institute: shadow fleet adds 35 tankers as Russian oil revenues climb

Russia's oil export revenues rose to $17.2 billion in March 2024, according to the KSE Institute's Russian Oil Tracker published on 30 April. Only 36% of Russian oil exports were carried by tankers insured by International Group clubs, with the shadow fleet moving about 2.8 million barrels a day of crude and 1.1 million barrels a day of products. The institute says that although US sanctions have targeted 41 vessels since December 2023, Russia has added 35 new tankers to its shadow fleet, most of them more than 15 years old. It projects 2024 revenues of $175 billion with stronger enforcement and $206 billion if enforcement is weak.

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