EU Demands Action Against Russia‘s Tanker Fleet
The European Parliament has called for stronger measures against Russia. This is because Russian tankers are helping to evade oil sanctions and fund the war in Ukraine.
A leading MEP (Member of the European Parliament) said: “This transport is killing the reach of the sanctions against Russia and finances the war against Ukraine.” The MEP believes that every ship that carries Russian oil means more suffering for the Ukrainian people.
On November 14, 2024, the European Parliament adopted a resolution. This resolution demands stronger measures to stop Russia’s tankers from evading oil sanctions. It also wants international cooperation to clamp down on loopholes in energy sanctions.
Russia has developed a “shadow fleet” of around 600 tankers. These vessels are used to sell oil above the price cap set by the G7 group. This is estimated to be around $9 billion that Russia has spent to develop its shadow fleet.
The EU banned Russian seaborne oil imports for itself. However, EU-owned or insured vessels can still transport Russian oil to third countries if they comply with the $60/barrel price cap. But Russia’s shadow fleet undermines this price cap.
According to reports, Russia has been able to make around $8-10 more per barrel from its oil sales. This means that it has generated an additional $8 billion in revenue despite the price cap between January and September 2024 alone.
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