The U.K. is rallying European Union member states to take action against Russia’s “shadow fleet” of aging and uninsured oil tankers. These vessels allow Russia to bypass price caps set by the EU, US, and G7 countries, impacting revenue from fossil fuels. A draft statement calls for collaboration to address the environmental and safety risks posed by the fleet.
Efforts to disrupt Russia’s oil industry, including Ukraine’s drone strikes on oil refineries, aim to diminish a key revenue source for Russia’s war efforts. With sanctions targeting the “shadow fleet” ships and calls for industry cooperation, the campaign aims to thwart Russia’s oil revenue capabilities.
Russia’s oil export revenues continue to drop for the 4th straight month
In June, Russia’s oil export revenues saw a 1.2% decline, marking a continued decrease since February 2024.