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Sanctions on Russian Crude Have Created Three Tanker Profiles

OIL

The EU sanctions and oil price cap mechanism on Russian oil have allowed for three profiles of crude tankers since 5th December according to Vortexa.

  • Vessels with Russian crude exports below the $60/bbl price cap mechanism, allowing the use of European reinsurance and other shipping related services. Includes exemptions such as Bulgaria, some shipments to Japan, and shipments of Kazakh-originating crude from Russian territory.
  • Vessels servicing exports that are handled without EU/UK shipping-related services to destination markets that have not banned Russian crude oil imports. Most Russian crude exports post-sanctions are using these vessels although some do not hold proper insurance coverage or try to hide their origin by turning off AIS signals.
  • Vessels carrying exports that are in breach of sanctions. This would include using EU/UK shipping services to export Russian crude to third-party countries above the 60$/bbl price cap.
Energy BulletsCommodities
Energy BulletsCommodities

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