In ten days, they caused an oil spill and, apparently, tore out an underwater electricity cable between Estonia and Finland. Vladimir Putin’s ghost tankers have never been so talked about. Although we do not know the exact number – probably a thousand – no one is unaware of their crucial role in the war led by Vladimir Putin in Ukraine.
Because these outdated tankers allow Russia to sell its crude to third countries by circumventing the price cap (60 dollars per barrel). Through this system, “nearly 90% of Russian crude has been trading above this ceiling since mid-2023”, according to the kyiv School of Economics, author of a report on the issue published last October. That is, for the Russian state, a nice margin of 10 billion dollars, which fuels the war economy set up by the Kremlin. When will Westerners, who continue to buy – indirectly – Russian oil, take stock of this problem, although it is central? Because the Russian war machine depends largely on the price of a barrel of crude oil. The lower it goes, the more difficult it will be for Russia to finance its war. As a senior Ukrainian diplomat recently explained, “if the price of a barrel fell to $40, Russia would be on the verge of bankruptcy in six months.” What if we started by enforcing the cap on the price of a barrel, the flagship measure of Western sanctions put in place in December 2022?
India has it both ways
Let us know that the means to tackle this unfair trafficking exist. First, the West can immobilize the numerous Russian oil ships lacking proper insurance. Then, they can threaten with an embargo or secondary sanctions the actors (refineries, traders) who, in certain third countries, process Russian crude… before reselling it to Europeans. In 2023, India became the world’s leading importer of Russian oil, while its exports of refined products to the EU jumped by 115%! Finally, Europeans could learn to wean themselves off this Russian black gold which allows Putin to continue his murderous headlong flight. For example, by conducting negotiations with other countries, such as Saudi Arabia. And also stopping buying LNG [gaz naturel liquéfié] to Russia.
France has doubled its imports of Russian LNG
Imports of Russian LNG into the European Union increased by 11% during the first half of 2024 compared to the same period of the previous year, according to a study by theInstitute for Energy Economics and Financial Analysis. Champion in all categories, France, which more than doubled its imports of Russian liquefied natural gas during the first six months of the year, while reducing its imports of LNG from Qatar, the United States and Nigeria! A choice that is difficult to understand, when we know what the money paid to the Russian state is used for. Last week, Moscow sent 370 drones, 280 glide bombs and 80 missiles to Ukraine…