“Shadow” tankers transported 64% of Russian oil in December

In December 2023, 64% of Russian crude oil was transported by “shadow” tankers.

During the same period, tankers belonging to or insured by countries implementing price cap policies transported 36% of Russian oil, according to the Finnish research center CREA.

Russia’s income from sea oil exports decreased by 14% in December (56 million euros per day).

Tankers in the Pacific region were loaded with Russian oil at ports such as Kozmino in Russia, where the ESPO pipeline terminates and connects to a refinery. Here, ESPO crude oil, according to customs data, is exported at prices higher than the limit.

“Russia’s dependence on vessels owned or insured by the EU/G7 countries gives the price cap coalition adequate leverage to lower the price cap, strengthen monitoring measures, and enforce the cap price policy, which could significantly reduce Russia’s export revenues of oil, says the CREA monthly report.