Russian Oil Flows Surge in Sign US Sanctions Starting to Crumble

Unflagged tankers and vessels new to Russian trades are keeping oil exports ticking over for the Putin administration despite ever more stringent Western sanctions.

Researchers at the Kyiv School of Economics (KSE) found that in January, Russian oil export revenue increased by $1bn to $15.8bn due to higher crude and product prices.

Preliminary data for 2024 also showed that total revenue rose by $4bn from 2023 to hit $189.1bn.

“Despite increasing US sanctions, Russia continues to rely on its ageing shadow fleet, using both sanctioned and newly added vessels to sustain oil exports,” KSE said.

Russia uses flags of convenience to evade sanctions, obscure vessel ownership and sustain oil exports, its latest report found.

Unregistered tankers also began operating in January, KSE added.