Unexplained Relocation of Russian Oil Base from Greece

Continued Flow of Russian Crude Despite Sanctions

Despite the European Union's sanctions against Moscow due to its 'special operation' in Ukraine, traders and shipping companies have managed to keep millions of barrels of Russian crude and crude products in circulation globally. This is largely due to ship-to-ship or STS transfers, also known as cargo switching at sea.

Shift in STS Transfer Hotspot

The Laconian Gulf in Greece, located in the south-eastern Peloponnese, has been a major STS transfer point for Russian crude and crude products. However, TankerTrackers, a research firm, has reported that Russian oil transfers in the area have "completely vacated" this week.

STS Transfers Moving South

According to TankerTrackers, the STS transfers, which were previously conducted in the Laconian Gulf, are now taking place directly south of the gulf. The reasons behind this sudden shift remain unclear.

Destination of Transferred Crude

STS transfers of Russian crude from the Laconian Gulf have been found thousands of miles away in Asia. However, the Black Sea Group reports that some of it has ended up at European ports due to poor sanction management by Brussels.

STS Transfers Shifting South

TankerTrackers has noted that the STS transfers in the Laconian Gulf have relocated just south of the gulf. This observation is based on maritime data from Marine Traffic and satellite imagery data from Kpler.

Possible Shift of STS Transfers to the Red Sea

Bloomberg has suggested that STS transfers of Russian crude could be moving to the Red Sea. This is based on the observation that one tanker transferred its cargo of crude onto another vessel in the Red Sea last month, marking the first such switch observed in that location.

Continued Global Circulation of Russian Crude

Despite Western sanctions on Moscow, Russian crude oil and crude products continue to circulate globally. The sudden shift away from the Laconian Gulf region, however, remains a mystery.

This article raises intriguing questions about the global oil trade and the effectiveness of sanctions. What are your thoughts on this matter? Please share this article with your friends and let us know your views. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.