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European carriers ‘mocked’ Russia sanctions

European companies have nearly doubled their oil shipments from Russia since the start of the war in Ukraine, despite efforts by EU leaders to punish Moscow.

Campaigners say EU-based shipping companies have “mocked” the union’s plans to sanction Russia, while warning that a partial embargo on Russian oil will likely do little harm. give President Vladimir Putin or help end the war soon.

Anti-corruption organization Global Witness analyzed shipping data from Refinitiv, according to the report Independent. The results show that the three major shipping countries of Europe – Greece, Cyprus and Malta – have rapidly increased volume Russian oil shipping every month since the war started.

European companies have almost doubled their oil shipments from Russia since the outbreak of war in Ukraine

bloomberg screenshot

In February, when Russia sent troops to Ukraine, companies and ships connected to these three countries transported 31 million barrels of oil from Russia. In May, this rose to 58 million barrels. In total, ships linked to Greece, Cyprus and Malta have transported 178 million barrels, worth $17.3 billion (at current prices for Russian crude), since February.

When hostilities first broke out, ships linked to these three countries carried more than a third of their oil exports from Russian ports. By May, that percentage had risen to more than 50%.

“Since the start of the war in Ukraine, European oil tankers have not only continued to trade in Russian oil, but this activity has increased,” said Louis Goddard, senior data investigation adviser at the company. Global Witness. He said. “Vessels linked to Greece, Cyprus and Malta are mocking the EU’s attempt to punish Putin’s machine, keeping money flowing to Russia as its armed forces continue to attack Ukraine.” .

With the work oil prices Russia has seen a significant increase in its budget. Independent Citing an international financial expert, the Russian government this year is likely to collect $ 250 billion in cash from selling oil, an unprecedented level.

On May 31, the European Commission finally approved plan to embargo a part of Russian oilunder which the countries in the union will stop importing Russian oil by sea, while trading through the pipeline system is still allowed.

After lobbying efforts by shipping interest groups in Greece, Malta and Cyprus, ships and companies registered in the EU will be allowed to continue transporting oil from Russian ports to non-EU countries. belonging to the EU. This means that EU companies can continue to profit from helping move Russian oil to markets like India and India. Chinatwo countries that have already shown a willingness to buy crude that Europe no longer wants.

Since many companies have shunned Russian crude, the few that are willing to resume shipping can garner larger fees. A large oil tanker departing from the Russian port of Primorsk could bring in $32,500 a day on June 3, compared with less than $10,000 before the war, according to a shipping industry source.

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