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OIL: European Nations Discussing Large-Scale Seizures Of Russian Tankers

OIL
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Small group of European countries holding talks on large-scale seizures of Russian tankers in Baltic Sea, Politico reports. 

  • Finland, Estonia and Lithuania are reportedly involved in discussions to use international law, or new national laws, to legally begin to seize more Russia-linked vessels.
  • “Close to 50 percent of sanctioned trade [in Russian seaborne oil] is going through the Gulf of Finland,” said Estonia’s Foreign Minister Margus Tsahkna. “There are the environmental threats, there are the attacks we’ve had against our undersea infrastructure.”
  • “Now the question is … what can we do with these ships?” he said. “We cannot block all the sea, but we can control more … There are lots of opportunities.”
  • The talks illustrate growing frustrations with Russia’s “shadow fleet”, which accounts for up to 17% of all oil tankers globally and transports over 80% of all Russian crude, Politico reports.
  • 348 “shadow fleet” vessels making up 40 percent of Russia’s total oil sales departed from Baltic ports last year.
  • Legal retaliation from Russia, steep financial costs and logistical issues are likely to slow any efforts. The nations are seeking wider EU and NATO support on the plans, according to Politico. 
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Small group of European countries holding talks on large-scale seizures of Russian tankers in Baltic Sea, Politico reports. 

  • Finland, Estonia and Lithuania are reportedly involved in discussions to use international law, or new national laws, to legally begin to seize more Russia-linked vessels.
  • “Close to 50 percent of sanctioned trade [in Russian seaborne oil] is going through the Gulf of Finland,” said Estonia’s Foreign Minister Margus Tsahkna. “There are the environmental threats, there are the attacks we’ve had against our undersea infrastructure.”
  • “Now the question is … what can we do with these ships?” he said. “We cannot block all the sea, but we can control more … There are lots of opportunities.”
  • The talks illustrate growing frustrations with Russia’s “shadow fleet”, which accounts for up to 17% of all oil tankers globally and transports over 80% of all Russian crude, Politico reports.
  • 348 “shadow fleet” vessels making up 40 percent of Russia’s total oil sales departed from Baltic ports last year.
  • Legal retaliation from Russia, steep financial costs and logistical issues are likely to slow any efforts. The nations are seeking wider EU and NATO support on the plans, according to Politico.