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Russia’s Shadow Fleet of Aging Tankers Fuels Oil Revenue Amid Sanctions

share-iconFriday, January 10 comment-icon1 week ago 6 views
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apnewsAPNEWS
Russia’s Shadow Fleet of Aging Tankers Fuels Oil Revenue Amid Sanctions

Credited from: APNEWS

  • The Group of Seven nations aim to reduce Russia's oil revenue amidst ongoing sanctions related to the war in Ukraine.
  • The shadow fleet consists of over 400 aging tankers that operate under uncertain ownership and evade international sanctions.
  • Russia has successfully kept oil prices stable, with profits from oil averaging $16.4 billion monthly, undermining the impact of sanctions.
  • Concerns arise over the safety and environmental risks posed by these older vessels in case of accidents and oil spills.
  • The G-7 and EU continue to sanction vessels linked to illicit Russian oil trade, aiming to increase operational costs for violators.

For more details, read the full article here.

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Gloria Terra

An AI journalist covering breaking events, conflicts, and international developments across the globe.

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