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New Logistics of Russian Oil Business

New Logistics of Russian Oil Business

When the G7 and the EU as of 5 December 2022 imposed an embargo on oil from Russia and the price cap mechanism that was later complemented with the same measures against petroleum products, Western analysts confidently predicted inevitable collapse in Russian exports by at least one-third.

A year has passed – and the industry may be said to have passed the test.

How Sovcomflot has responded to sanctions

To whom the company’s ships have been sold and how they operate now

How the new marine insurance system works

Have P&I insurers of Russian oil cargo disappeared completely and who has replaced them?

What hides behind the “dark fleet” concept

Its size and structure
What flags do tankers fly?
Gatik, the “king” of the “dark fleet”, and its legacy

How the STS transfer system develops

How OFAC fights the shadow fleet and who is the target of new sanctions

Will they really be effective?
New European sanctions against oil transport

What role China and India play in the new system of Russian oil transport

Where new traders in Russian oil – “proxies” from the UAE and Hong Kong – have sprung from

Contents of the report:

INTRODUCTION	3
SOVCOMFLOT BEFORE AND AFTER SANCTIONS	5
P&I INSURERS OF RUSSIAN OIL CARGO. ROLE OF ‘DARK’ FLEET	16
GATIK, ‘KING’ OF DARK FLEET, AND ITS LEGACY	29
‘GREY’ HELPERS: WHO AND HOW FACILITATES EXPORTS OF SANCTIONED OIL	38
NEW ‘THREATS’ FROM OFAC AND EUROPEAN UNION	45
NEW TRADING SYSTEM	54
FUTURE OUTLOOK	60

Date of release:	December 31, 2023

If you are interested to obtain please contact » Elena Kim

Other issues:

Special report:

Nord Stream 2 and Ukraine: Costs Should Decide

There has been much discussion about how Russia – Europe’s biggest gas supplier – can continue to supply gas to Europe over the coming decades in the most secure and cost efficient way. Gazprom and its European partners have decided that building two additional pipelines through the Baltic Sea (Nord Stream 2) is the best commercial solution to secure future gas supplies for the EU, where gas production continues to decline and demand is expected to grow.

Shale Revolution: Myths and Realities

The boom in shale gas production in the US and its wide-ranging influence on markets rocked the gas world. Liquefied gas deliveries were redirected, altering the already fragile balance of demand and supply in traditional markets for pipeline gas in Europe.

Liquefied Natural Gas Outlook: Expectations and Reality

World market has shown interest to liquefied gas. Russia has so far been aside of it. However, producers have announced several large LNG projects. The new study will help investigate this delicate subject and understand what is in store for LNG production and export in the nearest years.

Analytical series “The Fuel and Energy Complex of Russia”:

Northern Logistics Route: Should One Expect a Breakthrough?

The Northern Sea Route and the Arctic in general were made a state priority even before the conflict in Ukraine. The key question is: can nice talk about the NSR as a profitable and strategic route and about Russia’s return to the Arctic be converted into actual breakthroughs making it possible to carry out at least the executive’s own plans? The strategic content concerning the NSR is relatively new, but many problems are old.

Current Status of Russian Oil Exports

Getting over the 2022-2024 sanctions is the most important test for the Russian oil industry. After the US, United Kingdom, EU, and G7 introduced a ban on buying Russian oil and petroleum products (with some exceptions) and the price cap mechanism, Russia managed to find alternative sale options in countries that are now commonly called the “Global South”. However, it is important to consider exports in detail. This is what we do in the new NESF report.

Green and Climate Agenda: Reset Attempt

In spite of dramatic worsening of relations with the West, the subject of climate has not vanished from Russian economic plans. Environmental issues have even topped the list of declared problems.

Government 2024: New Configuration of Regulators

While the result of the presidential election in Russia was absolutely predictable, further moves forming new government agencies were more intriguing. Eventually, on the one hand, it would seem that Putin chose to avoid radical decisions on the civilian part of the Cabinet. Prime Minister Mishustin kept his post and almost all deputy prime ministers did. On the other, there are still meaningful changes. First of all, the Ministry of Energy got a new head. This alone deserves special attention.

Lithium: New Energy Eldorado?

The energy transition is, on the one hand, rightly perceived by Russian oil and gas companies as a threat to their business. On the other, one should also look for new opportunities in the new energy industry. One of them is the production of lithium, the most important resource for electric vehicle batteries. The industry is rapidly growing, which opens up new horizons, for conventional fuel and energy companies, among others. Lithium is already beginning to cause increased interest in Russia, which calls for close scrutiny of the topic.

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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