sanctions did not prevent Russia from increasing sea freight

Oil tankers

Sea freight rates to and from Russia remain strong as carriers accelerate the implementation of their contractual obligations before Western sanctions fully take effect. This is evidenced by data from Refinitiv, one of the world’s largest providers of data on financial markets and infrastructure.

The company calculated that the volume of seaborne transportation of Russian crude oil and oil products in April 2022 amounted to 25 million metric tons, while in the previous four months the figure reached only 24 million, writes The New York Times.

As one of the analysts at Refinitiv, Jim Mitchell, explained, the growth in the volume of sea transportation of Russian oil and oil products is associated with the recovery of the global economy after the coronavirus pandemic and does not reflect the impact of the restrictive measures imposed on the Russian Federation in connection with its special operation in Ukraine.

The expert noted that deals with oil and oil products are usually concluded 45-60 days before delivery, so Russia’s shipping figures may reflect the fulfillment of contracts almost two months ago.

Earlier, the Netherlands confirmed that it is legally impossible to boycott ships with cargo from the Russian Federation. With this in mind, the Port Authority of Rotterdam confirmed readiness to receive eight tankers with Russian oil, as planned. Contrary to the calls of the Ukrainian authorities not to let ships from Russia into the port, Rotterdam said that so far they are not subject to sanctions.

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