Russian shipping and trade
S&P Global Market Intelligence recently highlighted 55%-60% of Russian oil is being shipped outside the remit of a G7 or allied country for insurance services, ownership domicile or ship nationality. The price cap, since its inception in December 2022, has not been revised despite the rising price of Russia's main oil grade, Urals. This has effectively led to a scenario where large volumes of Russian crude oil are being shipped across the world without any bearing to the original price cap figure.
Outside of the maritime space, general containerized trade in goods, including dual-use items, has been uncovered at several new countries where exports to Russia have increased.
Sanctions risk analysis
This paper analyses current trends and patterns in Russian shipping and trade exports in the context of new enforcement actions on individual ships and their owners, the increasing number of countries and zones used for the transit and transshipment of goods, and the impending 12th European package of Russian trade sanctions. The aim of this paper is to offer an insight into how trade sanctions are currently circumvented and where greater degrees of risk are hidden.
This information can be used by trade and supply chain operations teams to enhance current policies and procedures concerning risk and compliance screening programs.