Russia Reshapes Oil Exports to New Reality

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  • EU sanctions, and the recent adoption by the G7 of a $60 per barrel price cap on its crude exports, have forced Russia to develop a new system to ship and market its oil.

  • A new "shadow" fleet of aging tankers is transporting Russian crude, in addition to Russian-owned vessels and some Indian-, Chinese- and Turkish-owned ships.

  • Most of these ships are chartered by a group of obscure traders, based largely in Dubai, who have taken over from traditional players such as Vitol and Trafigura.

The Issue

Sanctions, Oil Tankers, Oil Trade, Ukraine Crisis
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