Russian crude oil tanker SCF Surgut passes through the Bosphorus River in Istanbul, Turkey. (REUTERS/Yoruk Isik/File Photo)
Despite Western bans on Russian crude and refined products, Russian oil exports are down a mere 8% since before the invasion of Ukraine. The Kremlin has made close to $1 trillion from oil exports since February 2022.
Russia relied on its "shadow" fleet of 585 oil tankers to transport many of its exports, intended to mask their origins. Russia purchases aging ships from European owners, frequently reflags the ships and uses shell companies to obscure their Russian origins.
Russia also exports oil to third-party states that have not placed sanctions on Moscow, who in turn sell it to the West.
CREA’s analysis found that tighter sanctions could slash Kremlin revenues by as much as 20%.
Last week, the EU adopted its 16th package of sanctions against Russia in an effort to crack down on Russia’s shadow vessels.
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CREA’s analysis found that tighter sanctions could slash Kremlin fuel revenues by as much as 20%.
"The re-gasification and distribution infrastructure isn’t optimized for importing from elsewhere. They rely on pipelines [that originate] from Russia," Bass said.
In January, then-President Joe Biden imposed the toughest sanctions package yet on Russia's oil industry, targeting 161 Kremlin-linked tankers.
Last week, European leaders issued a unified display of support for Ukrainian President Volodymyr Zelenskyy after his spat with Trump in the Oval Office that prompted an abrupt halt to peace talks.
European leaders held emergency talks on Sunday in London to take the reins of peace talks while Trump and Zelenskyy were at odds.
Bass, meanwhile, said oil and gas firms are calling for direction from the Trump administration on how big a priority U.S. exports will be to decrease the global dependence on Russian fuel.
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"The President's got to say more than ‘drill, baby drill.’ Because he said ‘drill baby drill,’ and then his actions are, go to Russia."
"What we need to be we really need assurance of direction and supply of what the administration wants us in the gas LNG business to do," he went on. "Don't do a Biden on us. If you want them to be supplied out of Russia, that's the intent then we'll find other markets. But we don't need more flip-flopping - Biden set this whole Russia-Ukraine war up when he stopped dependence on American energy."
https://www.foxnews.com/politics/european-union-spent-more-russian-fossil-fuels-than-ukraine-aid-2024