New site for Russian oil transfers raises EU concerns
The areas around the Greek islands of Lesbos and Chios in the Aegean Sea have become a new site for the clandestine transfer of Russian oil, Bloomberg reports. Analysts at Vortexa estimate that about a million barrels of oil, heating oil, and other petroleum products are transferred there monthly.
Previously, Russian tankers were primarily conducting these transfers near the Laconian Gulf, south of Greece. However, they relocated from there in May when the Greek navy began maneuvers in the region to block these activities.
Transfers are still happening near the Gulf but on a much smaller scale. In November, Greece announced an extension of these actions until mid-March.
According to Bloomberg, the vicinity of the Greek islands of Lesbos and Chios in the Aegean Sea is now the new site for clandestine transfers of Russian oil. About a million barrels of oil, heating oil, and other petroleum products are being transferred monthly, according to Vortexa analysts' estimates.
Russia uses maritime transfers of raw materials to circumvent sanctions imposed after it invaded Ukraine.
Bloomberg emphasizes that the increase in Russian oil and fuel transfers between ships is causing concern. There are worries about environmental impact, safety issues, and insurance for the vessels.
Millions of barrels of fuel from Russia likely reached the EU
At the beginning of November, the European Anti-Fraud Office OLAF launched an investigation into a loophole allowing countries like Turkey to export sanctioned Russian oil to the EU, the Politico portal reported.
It was revealed that millions of barrels of fuel from Russia likely reached the EU after being rebranded in Turkey, despite the ban on such imports. This was a way around EU sanctions, which allow for "mixing" different types of fuel if labeled as non-Russian.
These actions were expected to bring Russia up to 3 billion euros in profits from exports from three Turkish ports over 12 months after the EU imposed sanctions on Russian oil imports in February 2023.
The practice showcases the creative ways in which Russia circumvents EU sanctions and protects its fossil fuel trade, which makes up almost half of the Kremlin’s revenues, notes Politico.
Turkey "quietly" increased fuel imports from Russia
Before Russia invaded Ukraine, the EU covered one-quarter of its oil demand and 40 percent of its diesel needs with imports from Russia. However, this drastically changed when the EU agreed to a complete ban on imports of both products in 2022. Around the same time, Turkey began "quietly" increasing its fuel imports from Russia while also boosting its fuel exports to the EU.
After Moscow launched its full-scale war against Ukraine in February 2022, India and China became the main markets for Russian resources sanctioned mainly by the EU and the US. These sanctions were intended to cut off funding for Russia's war efforts. Despite pressure from the US and Europe, China and India have refused to comply with Western sanctions on Russian imports.
These countries are also refraining from condemning the Russian invasion and directly blaming Russia for what Moscow calls a special military operation.
