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??? Despite ongoing sanctions, Russia’s oil and gas sector remains a key revenue stream, contributing 32% to its federal budget in 2023. G7+ countries imported €1.8 billion worth of oil products made from Russian crude through Turkish refineries in the first half of 2024 alone. ? Turkey's reliance on Russian seaborne crude surged from 34% in 2023 to 70% in early 2024, with heavily discounted Russian Urals crude fueling exports to the EU and U.S. ? To strengthen sanctions, G7+ countries must ban imports of oil products from refineries using Russian crude, cutting off key revenue streams and discouraging third countries from sustaining Russia's oil trade. Read Center for the Study of Democracy's latest report on Sanctions hypocrisy ?? #EnergySecurity #Sanctions #RussiaUkraine #OilandGas #GlobalEconomy #Geopolitics

Iran's oil exports reach 5-year high despite US sanctions "Despite US sanctions, Iran's oil exports hit a 5-year high, preventing a substantial increase in oil prices amidst West Asian conflict," according to reports. The report reveals that Iranian crude oil exports grew by approximately 50 percent last year, reaching a five-year high of about 1.29 million barrels per day. #5year #despite #exports #High #Irans #oil #reach #USsanctions

On 17 September this year, Center for the Study of Democracy together with its partners at the Centre for Research on Energy and Clean Air (CREA) published the report "Sanctions Hypocrisy" (link in comments). Based on the report, an article was published in POLITICO Europe, which gave publicity to the dangers and the problem facing the public in Europe. This report reveals that the G7+ countries imported 1.8 billion euros worth of petroleum products, derived from Russian crude, from three refineries in Turkey in the first half (H1) of 2024. For example, the Azerbaijan-owned STAR refinery is 98% dependent on Russian crude, with 73% of its crude imports supplied by the US-sanctioned Lukoil. 87% of its seaborne exports of petroleum products are to G7+ countries. The total quantities of crude oil processed by Turkish refineries to export petroleum products to the EU and G7 countries provided €750 million in tax revenues for the Kremlin in the first half of 2024 alone. The most important step that sanctioning countries should take is to ban imports of oil products from refineries using Russian crude. This would amplify the impact of sanctions by discouraging third countries from importing large quantities of Russian crude and thus stifle demand in Russia's new markets.

Iran's oil exports reach 5-year high despite US sanctions "Despite US sanctions, Iran's oil exports hit a 5-year high, preventing a substantial increase in oil prices amidst West Asian conflict," according to reports. The report reveals that Iranian crude oil exports grew by approximately 50 percent last year, reaching a five-year high of about 1.29 million barrels per day. #5year #despite #exports #High #Irans #oil #reach #USsanctions

Oil revenue is a lifeline for the Iranian and Russian economies, but Western sanctions have jeopardized both countries’ ability to ship oil and receive payments. Iran and Russia have redirected oil shipments to China—the world’s largest importer of crude oil. In 2023, China saved a reported ten billiondollars by purchasing crude oil from sanctioned countries such as Iran and Russia. Iran, Russia, and China have created an alternative market of sanctioned oil, wherein payments are denominated in Chinese currency. Sanctioned oil is often carried by “dark fleet” tankers that operate outside of maritime regulations and take steps to obscure their operations. https://lnkd.in/dUm7SNpD

Prior to the United States imposing sanctions on Venezuela, the United States was the largest importer of Venezuela’s crude oil. Venezuela’s heavy crude oil is well suited for U.S. refineries, particularly those along the Gulf Coast. Most of the remaining crude oil was destined for India, China, and Europe. Since the 2019 sanctions, a significant portion of Venezuela’s crude oil exports have been part of oil-for-loans arrangements, which are debt repayments rather than PDVSA receiving actual payments for crude oil deliveries. Notably, a significant portion of Venezuela’s exports have been supplied to China as part of its oil-for-loans arrangements, in which China has loaned close to $50 billion to Venezuela in exchange for crude oil deliveries over the last decade.34 Exports to China and other countries were also done as part of sanctions evasions prior to 2023. As of 2023, China received 69% of Venezuela’s crude oil exports. (Venezuela - Country Analysis Brief – EIA (U.S. Energy Information Administration) – February 8th 2024) #Venezuela #Venezuela′spetroleumproduction #Venezuela’scrudeoilproduction #Venezuelacrudeoilexports?#PDVSA

???? Russia’s alternative fleet grows despite all Western sanctions 70% is?the year-on-year growth in?cargo turnover of?Russia’s alternative fleet, despite recent sanctions on?insurance and shipping companies that allow Russia to?circumvent Western restrictions on?oil trade. The volume of?oil transported by?Russia’s alternative fleet in?June 2024 rose to?4.1 million?bpd. In?June last year, this figure was 2.4 million barrels. In?June 2024, 70% of?Russian hydrocarbons marine transportation was carried by?the alternative fleet. This includes 89% of?Russia’s total crude oil shipments, most of?which are trading above the $60 per barrel ceiling price, and 38% of?Russia’s exports of?oil products. Experts say sanctions against Russia are a??no-win game??— they have not achieved any of?their goals. ??If you are interested in?our company’s services, please contact us?by?mail: [email protected] Subscribe to?our Telegram channel: https://lnkd.in/eiGCKB6q ?? #Cargotransportation #Logistics #Economy #Trade #oil #Russia #business

KSE: Russia’s oil revenues slightly decreased despite constant sanctions violations #bne #bneEditorsPicks #KSE #Russia #RussiaUkraineWar #budget In June 2024, Russian oil export revenues declined for the third consecutive month to $16.7bn due to reduced product exports, according to the KSE Institute’s July ‘Russian Oil Tracker.’ Despite the decline, crude and discounted oil products were traded well above the EU/G7 price cap, and the shadow fleet’s share of oil shipments continued to grow. Russian seaborne oil exports remained stable in June. Although seaborne crude shipments rose by 2.0% MoM, oil product exports fell by 4.0% (130 kb/d), leading to reduced oil revenues for the month.

KSE: Russian oil revenues rising, tougher sanctions needed on shadow fleet #bne #bneEditorsPicks #Ukraine #Russia #RussiaUkraineWar #sanctions Russian oil export revenues surged to $17.2bn in March 2024, driven by higher global oil prices and increased crude export volumes, according to the April ‘Russian Oil Tracker’ by KSE Institute. Despite robust US Treasury sanctions targeting the shadow fleet, Russia continues to expand it by incorporating new tankers, allowing for stable exports and further evasion of oil price cap.