Trade Sanctions on Russia Led to Rise in Dark Oil Ship Transfers: Report

Western sanctions on Russia have led to a rise in “shadowy oil transfers,” according to a report from S&P Global.As Russia seeks ways to get around the sanctions, more oil tankers are switching off their location transponders, known as automatic identification systems, which are designed to improve maritime safety, as well as aid in tracking the shipment of oil, the report said. This is done to obscure ship identities. Despite the safety risks, Russian oil trading is still a lucrative business, as tanker owners could make millions of dollars per voyage, the report said.