Despite circumventing sanctions and increasing its oil sales, Russia has failed to increase profits.

Russia, due to the introduction of a complex of sanctions targeting trading companies and the shadow tanker fleet, and despite an increase in sales by 15-20%, cannot increase the profits generated from energy carriers’ exports, said Vladyslav Vlasyuk, the authorized representative of the President of Ukraine on sanctions policy.

He says more than 90% of the oil exported from Russia is sold at more than $60 per barrel. About 600 tankers of various sizes transport oil from Russian ports to other countries – mainly India, China, and Turkey.

He also emphasized that many sanctions have been imposed against most vessels, and the list of sanctioned tankers is constantly expanding. He added that it is more effective to impose sanctions not on companies but on individual oil tankers. This is because if a ship falls under sanctions, it can serve a very limited number of ports due to the threat of secondary sanctions.