Russia’s invasion of Ukraine made the country a pariah in the global energy market. Since the war started, a de facto embargo on Russian oil has emerged, with oil companies, trading houses, shippers and banks backing away, all at the same time.
Highlights
- Dark activity among Russian-affiliated crude oil tankers is up by 600% compared with before the war began, a company says.
- Similar trends are playing out with other petroleum products, too.
- Buyers don’t want to be outed as the ones scooping up Russian oil during the deadly war in Ukraine.
- The White House banned imports of Russian oil into the U.S.
- But that does not prohibit other countries from buying Russian energy.
- The stigma of doing business with Russia, along with sanctions uncertainty, has created a de facto embargo on Russia’s oil.