As the West imposes sanctions on Russian oil, exporters and refiners are hiding the origin of the goods they take to other countries. Some fuels are believed to be partially composed of petroleum The Russian landed in New York and New Jersey in the United States last month.
Cargo was moved from Indian refiners to the Suez Canal and across the Atlantic, which have been major buyers of Russian oil, according to shipment records, Refinitiv data and analysis by the Energy and Clean Air Research Center based in Helsinki. Following the invasion of Ukraine and US and European Union (EU) sanctions, exporters are working to hide the origins of Russian oil so that it can flow.
Oil is being hidden in mixed refined products such as gasoline, diesel and chemicals. Oil is also being transferred between ships at sea, a strategy used to buy and sell oil from Iran and Venezuela, which has also been approved. Shipments are taking place in the Mediterranean Sea, the coast of West Africa and the Black Sea, with oil in China, India and Western Europe, according to shipping companies.
Source: Dow Jones Newswire.