Greek isles emerge as new hub for Russian oil transfers
The regions surrounding the Greek islands of Lesbos and Chios in the Aegean Sea have become a new hotspot for the clandestine transfer of Russian oil, Bloomberg reports. Analysts at Vortexa estimate that approximately 160 million liters of oil, heating oil, and other petroleum products are being transferred there each month.
Previously, Russian tankers primarily conducted these transfers near the Laconian Gulf, south of Greece. However, they relocated in May when the Greek navy began maneuvers in the region to thwart these operations.
Transfers are still occurring 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. Approximately 160 million liters of oil, heating oil, and other petroleum products are being transferred monthly, according to Vortexa analysts' estimates.
Russia is utilizing maritime transfers of raw materials to circumvent sanctions imposed following its invasion of Ukraine.
Bloomberg highlights that the increasing instances of Russian oil and fuel transfers between ships are raising concerns. There are worries about the environmental impact, safety issues, and vessel insurance.
Millions of litres of fuel from Russia likely reached the EU
The Politico portal reported that at the beginning of November, the European Anti-Fraud Office (OLAF) launched an investigation into a loophole permitting countries like Turkey to export sanctioned Russian oil to the EU.
Despite the ban on such imports, millions of litres of fuel from Russia likely reached the EU after being rebranded in Turkey. This served as a workaround for EU sanctions, allowing for "mixing" different fuel types if they were labelled as non-Russian.
These actions were projected 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 revenues," notes Politico.
Turkey "quietly" increased fuel imports from Russia
Before Russia invaded Ukraine, the EU met 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 boosting its fuel exports to the EU.
After Moscow launched its full-scale war against Ukraine in February 2022, India and China became the primary markets for Russian resources sanctioned mainly by the EU and the US. These sanctions were designed 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 attributing blame to Russia for what Moscow calls a special military operation.
