THE UNITED STATES and the United Kingdom recently tightened the screws on Russia's oil industry, marking a turning point in the global fight to curb Moscow's economic activities. These new sanctions particularly target the Russian “ghost fleet”, these ships which play cat and mouse with the restrictions already in place. And you guessed it, this is shaking up global maritime trade quite a bit.
Why did these sanctions fall?
So, what exactly is going on? The latest measures directly attack this famous “ghost fleet” made up of more than 180 ships full of oil. These boats, often old, are used to circumvent international rules. But that's not all: some also transport Iranian oil, already subject to sanctions. In short, a double offense which pushed the American and British governments to bang their fists on the table.
Result : sixty-five tankers have put their activity on hold all over the world. Among them, five are currently off the coast of the Chine and Singaporewhile others hang out in the Baltic Sea or near the Russian Far East. This partial paralysis clearly shows that sanctions are not there for fun.
Who is to blame economically?
On the submarine side, these sanctions have caused the price of unsanctioned oil tankers to soar. With demand exploding for these safe vessels, shipping costs are skyrocketing. This puts even more pressure on a global oil market already strained by other geopolitical affairs.
But it's not over! The sanctions also affect two Russian heavyweights: Gazprom Neft et Surgutneftegaz. Between them, they produce more than a million barrels per day and weigh approximately 23 billion dollars per year (thanks to the US Treasury Department for this figure). By targeting these behemoths, the idea is clearly to weaken Moscow economically.
What political fallout?
Obviously, these measures are not only causing irritation in Russia; they also attack managers and directors of Russian energy companies. The objective? Further reduce the financial resources available to Moscow to finance certain controversial political actions. Basically, it is a clear message against those who would like to play with international rules.
This information comes to us straight from Reuters (thanks to them), based on data collected via maritime monitoring and published on January 13 last.
So yes, the overall effect of sanctions on the oil industry is undeniable and raises many questions about their long-term effectiveness. Some nations may want to take advantage of this situation by boosting their production or seeking other alliances. It is therefore important that everyone keeps a close eye on this complex dynamic.
Finally, ask yourself: what wider consequences might this have for the global economy and great power relations? We could well be facing a major strategic change in the international energy sector…
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