Russian Ghost Fleet Stranded as Sanctions Bite
5
World
January 18, 2025 05:30
russia - Russia's petroleum revenue hit by $3.5 billion loss as 65 tankers remain stranded due to US sanctions.
Russian Tankers Stranded at Sea
Due to recent US sanctions, 65 Russian oil tankers are stuck at sea, causing a significant loss in revenue for Russia.
Ghost Fleet Strategy
Since the start of the Ukraine conflict in 2022, Russia has been using a 'ghost fleet' of approximately 670 tankers to transport its own oil independently. However, recent US sanctions targeting these tankers have led to severe consequences.
Impact of Sanctions
As a result of the sanctions, 65 Russian tankers have been unable to unload their cargo in various ports for the past 14 days. The trapped oil has an estimated value of around $3.5 billion.
Expectations Under New Administration
With the incoming Trump administration, there is anticipation for a reassessment of the situation regarding the stranded Russian fleet. Hungarian Prime Minister Viktor Orban believes that sanctions against Russia will be lifted post-Ukraine conflict.