Russia’s Tactics to Evade Oil Sanctions: How Moscow is Successfully Defying Restrictions

2023-10-01 17:07:35

By Clara Galtier

Published 1 hour ago, Updated 1 hour ago

Russia lost 30% of its export earnings from oil between January and August compared to the same period in 2022. 473807213/Larisa – stock.adobe.com

Russia has developed several sanctions evasion tactics.

Moscow is working to thwart the sanctions hitting its oil. And successfully so far. Sales of petroleum products by sea in March even exceeded pre-war levels, estimates the Financial Times. Since December 2022, no cargo ship can unload Russian black gold – raw or refined – in a European port. The United States, Great Britain, Japan and Australia have made similar commitments.

Added to this unprecedented embargo was a price cap on a Russian barrel of $60 for companies shipping it to third countries. Beyond this price, professionals from countries initiating sanctions are prohibited from providing services related to its transport at sea (trading, freight, insurance, shipowners, etc.). However, the G7 powers concentrate 90% of global services on these activities. The objective of the sanctions was twofold. On the one hand, reduce Moscow’s revenues intended to finance the war. On the other hand, maintain…

This article is reserved for subscribers. You have 74% left to discover.

Do you want to read more?

Unlock all items immediately.

Already subscribed? Log in

1696185654
#Moscow #thwarts #oil #sanctions