Russian Oil Transfers Surge After New U.S. Sanctions

Ship-to-ship transfers of Russian-linked oil have surged this month following the largest U.S. sanctions package targeting Russia’s shadow fleet.

According to data from maritime risk analytics firm Windward, there has been a 366% increase in ship-to-ship crude and product transfers linked to Russia in the Sea of Crete, and a 370% rise in similar transfers off Singapore.

Ami Daniel, CEO of Windward, cautioned that these cargoes could be blended or disguised to obscure their certificate of origin.

“These cargoes, according to the prevalent playbook might be blended, or further obfuscated in terms of certificate of origin,” Daniel stated in a social media post, urging oil buyers to trace the cargo’s origin.

He also highlighted the potential safety risks, as these unregulated operations occur outside proper shipping industry norms.

“Needless to say this is a huge safety risk as these ships operate outside of proper shipping norms,” Daniel warned.

The final days of Joe Biden’s administration saw the U.S. Treasury Department blacklist 183 additional vessels, a move that has caused freight rates for tankers carrying Russian crude to China to soar this month.