Russian oil ship-outs increase
(MENAFN) Russia’s oil exports have increased over the past two weeks as several tankers previously sanctioned by the U.S. under the Biden administration are now back in service, Bloomberg reported, citing vessel-tracking data.
Western nations had imposed restrictions on Russian shipping in an effort to curb Moscow’s oil revenues amid the ongoing conflict in Ukraine. However, President Donald Trump’s administration has taken a less aggressive stance on sanctions, leading to the return of some blacklisted vessels.
According to Bloomberg, at least 18 out of 39 ships sanctioned in 2023 and 2024 are now actively transporting crude from Russian ports, after having remained idle following their designation.
In 2023, the U.S. and EU sanctioned Sovcomflot, Russia’s major state-owned shipping company, and 14 of its crude tankers. They also targeted Russia’s so-called shadow fleet—aging ships used to bypass restrictions.
Since taking office in January, Trump has focused on mediating a peace deal between Russia and Ukraine and has exercised caution with additional sanctions. Although he has warned of imposing broader sanctions if Moscow resists peace efforts, he has also hinted at potentially easing restrictions during negotiations.
Despite increased oil shipments, Russia’s oil export revenues have remained stable at roughly $1.3 billion per week, as lower global oil prices have offset the higher volume. Prices have declined due to an oversupply and economic uncertainty.
Prior to the Ukraine conflict in 2022, nearly 50% of Russian crude went to Europe. That number dropped to just 10% in 2024 following EU import bans, with China and India now accounting for 87% of Russian oil exports, up from 35% before the war, according to Oxford Analytica.
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