Page 111 - bneIntelliNews monthly country report Russia May 2024

Energy sanctions, in particular the EU embargo, weighed on Russian export earnings via wider price discounts. Recent G7/EU enforcement efforts are having an impact, with the Urals discount widening again to ~$18/barrel. However, with discounts remaining broadly stable in February, higher global prices improved Russia’s position.
● Transport & exports
The precise number of shadow tankers is not known. We only know that since the start of the war in Ukraine, their numbers have grown significantly. A year after the full-scale invasion of Ukraine, oil-trading giant Trafigura calculated that there were 400 shadow vessels carrying Russian oil, and a further 200 transporting oil products.
Two research companies, Vortexa and Windward, have developed a system to track the global shadow fleet. At the end of 2023, they estimated the total number of “black” tankers stood at 1,100 (up 21% since the start of the war in Ukraine), and the number of “gray” vessels was 900 (up 68% since the start of the war). This growth is entirely down to Russia.
One way or another, more than 1,000 ships are engaged in the shadow transportation of Russian crude, oil products and other such cargoes. Estimates vary, but anything from a tenth to a fifth of all seaborne oil could be being transported in such shadow vessels.
111 RUSSIA Country Report May 2024 www.intellinews.com