One of the companies helping Russia export oil is Coral Energy

Due to a set of sanctions against trading companies and the shadow tanker fleet, Russia cannot increase its energy export revenues. But despite economic restrictions, there are international companies that are actively helping Russia sell oil to the world's largest economies.

Vladyslav Vlasyuk, the Presidential Commissioner for Sanctions Policy, said this in a commentary to the RBC-Ukraine YouTube channel.

‘Russia's profit from oil sales has not increased compared to last year. And it did not increase due to sanctions. It's because the amount of oil exported has increased by 15-20%,’ Vlasiuk said.

According to him, more than 90% of the oil exported from Russia is sold at a price of more than $60 per barrel, so the price caps imposed earlier are not actually working. The abandonment of the oil price ceiling allows the Russian economy to earn stable profits. At the same time, the lion's share of exports is made by the grey tanker fleet.

‘About 600 tankers of various sizes, mostly over 15 years old, transport oil from Russian ports to other countries, mainly India, China and Turkey,’ the presidential envoy added.

He also stressed that a large number of sanctions have been imposed on most vessels, and the list of sanctioned tankers is constantly expanding, which limits insurance and brokerage services for logistics companies.

‘The Russians are using various tactics. These include eliminating beacons on tankers and transshipment from ship to ship, as the legislation of certain countries is practically not in force on the high seas, and the origin of oil is concealed through documents, etc.’ Vlasiuk said.

According to him, international partners are trying to respond to new challenges and new schemes. However, it must be admitted that the Russians are more likely to find new grey schemes to circumvent sanctions than to find new ways to restrict their work.

‘One of the largest transport companies helping Russia export oil is Coral Energy. Some of the companies are registered in Turkey, others in India. The emergence of these companies is due to the complexity of oil market regulation. In fact, it is quite easy, especially in open economies, to open a company, take a dozen tankers on the balance sheet and carry out transportation, banks and insurance companies will service it,’ Vlasiuk said.

Author - Olena Madiak, 09/09/2024