abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb

이 페이지는 한국어로 제공되지 않으며 English로 표시됩니다.

기사

2024년 6월 13일

저자:
The Centre for Research on Energy and Clean Air

War profiteering: Eight UK-insured tankers violate price cap, boosting Kremlin revenues by GBP 87 mn

13 June 2024

An investigation led by the Centre for Research on Energy and Clean Air (CREA) has found suspected violations of the price cap on Russian crude oil by eight tankers covered by UK Protection & Indemnity (P&I) insurance.

Between October and December 2023, no shipments of Russian crude oil departing from the port of Novorossiysk were traded below the price cap. In this same period, 8 of 26 shipments of Urals crude from the port were covered by UK Protection & Indemnity (P&I) insurance. There is strong evidence to suggest that these tankers conducted trades that were in direct violation of the EU/G7 sanctions, trading Russian crude oil above the USD 60 per barrel price cap according to customs data.

These eight tankers covered by UK insurance transported 928,546 tonnes of Russian Urals grade crude valued at GBP 411 mn from the port of Novorossiysk between October and December 2023. CREA calculated the value of this oil based on the average barrel price per month exported out of the port of Novorossiysk, when all shipments were carried out above the price cap level according to Russian customs data. 

If these eight shipments had been carried out at the price cap level, the Russian crude oil would have been sold at an estimated GBP 324 mn.

In addition to a lack of enforcement of the price cap, a major loophole in existing sanctions has also allowed Russia to boost its revenues from exports of crude oil. This loophole enables countries not imposing sanctions on Russia, such as India, China and the UAE, to legally import Russian crude oil, refine it into oil products, and export those petroleum products to the UK and EU...

Key findings

  • 33% of all Russian oil (by volume) was transported on tankers insured in the UK since the sanctions were implemented on 5 December 2022 until early November 2023. 
  • Eight of 26 shipments of Urals crude between October and December 2023 departing from the port of Novorossiysk were on tankers covered by UK P&I insurance. In this same period, no shipments of Russian crude oil departing from the port of Novorossiysk were traded below the price cap, suggesting that these tankers conducted trades that were in direct violation of the EU/G7 sanctions. 
  • Violations of the price cap by tankers covered by UK insurance contributed an additional GBP 87 mn (+27%) to the Kremlin war chest.
  • GBP 444 mn of jet fuel imported by the UK is estimated as being produced from Russian crude oil.
  • Over half of the UK’s imports of jet fuel (52%) from refineries using Russian crude comes from three refineries in India — Jamnagar, Vadinar and New Mangalore. 
  • For UK importers, jet fuel imported from Indian refineries processing Russian crude was a mere 2% cheaper than that from other sources in 2023. A ban on them therefore will not create significant inflationary pressure on the market.
  • Although importing oil products refined from Russian crude is totally legal in the UK, importing cheaper jet fuel benefitted companies, who may have saved an estimated total of GBP 21.8 mn by importing jet fuel from India. Meanwhile, the UK’s imports of oil products derived from Russian crude have sent GBP 144 mn in tax revenue back to the Kremlin war chest — equivalent to 28% of the humanitarian aid it has so far provided to Ukraine.
  • The UK must close the refining loophole that legally enables oil produced from Russian crude to flow into sanctioning countries, financing the Kremlin’s war in Ukraine.

Policy recommendations

  • Ban imports of oil refined from Russian crude. The first step for the UK to further cut Kremlin revenues from oil exports and enhance the impact of sanctions would be to ban the importation of oil products produced from Russian crude oil. This ban would disincentivize third countries from importing large amounts of Russian crude — a proportion of which is turned into oil products for export to sanction imposing countries — and help cut Russian revenues. The low reliance (3%) of the UK on oil products produced from Russian crude means that if the UK banned these imports, it would have no significant inflationary pressure on domestic oil product prices.
  • Apply stronger enforcement & harsher penalties. The UK Office of Financial Sanctions Implementation (OFSI) must investigate UK entities and insurance firms that have provided services to facilitate the maritime transportation of Russian oil above the oil price cap. Severe penalties must be imposed on firms that violate sanctions thereby facilitating the increase in Russian oil export earnings above the price cap that are then used to fuel the war on Ukraine.
  • Address attestation fraud. Price cap coalition countries must develop a ‘white list’ of traders that undertake a high proportion of their business operations in sanctioning countries. Only companies on this ‘white list’ would be allowed to attain maritime insurance from countries located in price cap coalition countries.
  • Lower price cap to USD 30 per barrel, which would have slashed Russia’s revenues by GBP 2.5 bn in April 2024 alone and is still well above Russia’s production cost that averages USD 15 per barrel.

개인정보

이 웹사이트는 쿠키 및 기타 웹 저장 기술을 사용합니다. 아래에서 개인정보보호 옵션을 설정할 수 있습니다. 변경 사항은 즉시 적용됩니다.

웹 저장소 사용에 대한 자세한 내용은 다음을 참조하세요 데이터 사용 및 쿠키 정책

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

분석 쿠키

ON
OFF

귀하가 우리 웹사이트를 방문하면 Google Analytics를 사용하여 귀하의 방문 정보를 수집합니다. 이 쿠키를 수락하면 저희가 귀하의 방문에 대한 자세한 내용을 이해하고, 정보 표시 방법을 개선할 수 있습니다. 모든 분석 정보는 익명이 보장되며 귀하를 식별하는데 사용하지 않습니다. Google은 모든 브라우저에 대해 Google Analytics 선택 해제 추가 기능을 제공합니다.

프로모션 쿠키

ON
OFF

우리는 소셜미디어와 검색 엔진을 포함한 제3자 플랫폼을 통해 기업과 인권에 대한 뉴스와 업데이트를 제공합니다. 이 쿠키는 이러한 프로모션의 성과를 이해하는데 도움이 됩니다.

이 사이트에 대한 개인정보 공개 범위 선택

이 사이트는 필요한 핵심 기능 이상으로 귀하의 경험을 향상시키기 위해 쿠키 및 기타 웹 저장 기술을 사용합니다.