Western Oil Tanker Firms Flock Back to Russia After Price Plunge

Over the past three months, almost a third of all Russian Urals oil cargoes have left Russian ports on Western tankers.

Western Oil Tanker Firms Flock Back to Russia After Price Plunge

From Athens to New York, oil tanker companies from Group of Seven nations are flocking back to the Russian oil trade. Tumbling global oil prices this year brought western-owned ships back into legal compliance with a G-7 cap that was designed to curb the Kremlin’s access to petrodollars. At the same time, sweeping farewell sanctions from the outgoing Biden administration temporarily disrupted a so-called shadow fleet of vessels that Russia had b…