Cracking Down on Kremlin Revenue: US Blacklists 14 Russian Oil Tankers

Cracking Down on Kremlin Revenue: US Blacklists 14 Russian Oil Tankers

VoM News Desk | February 24, 2024 | 01:37 PM IST | Russia, United States of America, World | Follow on Google News

Cracking Down on Kremlin Revenue: US Blacklists 14 Russian Oil Tankers

Cracking Down on Kremlin Revenue: US Blacklists 14 Russian Oil Tankers

In a strategic move to curtail Moscow’s petroleum revenues following the Ukraine invasion, the United States has taken measures to enforce a price cap set by the West. The Treasury Department announced sanctions on Sovcomflot, a state-run shipping company, and specified a 45-day window for the offloading of oil or other cargo from 14 of its vessels before stringent enforcement. This bold step is designed to limit Kremlin profits while ensuring a continued supply to energy markets.

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Dealing a Blow to Shadow Operations: Targeting Russia’s Largest Shipping Company

Deputy Treasury Secretary Wally Adeyemo emphasized the significance of this action, stating it is the next step in targeting Russia’s largest state-owned shipping company and fleet operator.

The move is a considerable blow to their shadow operations, marking an escalation in efforts to increase Russia’s costs responsibly.

By aiming at key entities, the United States aims to mitigate risks and exert economic pressure on Russia in response to its actions in Ukraine.

Evading Price Caps: Unveiling Russia’s “Shadow Fleet” and Enhanced Enforcement

Despite the initial price cap set by the coalition of G7, the European Union, and Australia at $60 per barrel of Russian crude, the Kremlin attempted to evade these restrictions.

Russia invested in a “shadow fleet” of energy market trading infrastructure, operating independently of coalition services. This allowed Moscow to fetch higher prices for its oil during certain periods.

The U.S. response involves intensified enforcement actions and increased costs for Russia’s usage of the “shadow fleet,” thereby enhancing control over Moscow’s revenue streams and pressuring the Kremlin economically.

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