The Kremlin is using old-age, poorly kept tankers to sell its crude oil above the price cap established by Western allies.
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00:00The European Union issued new sanctions against Russia, particularly targeting the tankers
00:07Russia uses to circumvent Western restrictions on oil trade.
00:13Oil is a major source of income that is crucial to fund Russia's war in Ukraine. In 2022,
00:19the European Union introduced an oil price cap which prohibited Western companies from
00:24providing services to Russian tankers that went beyond this limit.
00:30As a way around this, Moscow began using the Shadow Fleet, which are old, uninsured tankers.
00:36The poorly kept tankers have obscure ownership and insurance structures that escape the controls
00:41of G7 partners.
00:45Brussels is worried the poor condition of the ships could spill oil and cause an environmental
00:49catastrophe. The Shadow Fleet has also been accused of deceptive practices, including
00:55transmitting falsified data, turning off their transporters to become invisible to satellite
01:00systems, and conducting multiple ship-to-ship transfers to conceal the origin of the oil
01:06barrels.