Russia’s Oil Fleet Sails in Limbo as Economy Crumbles
Russia’s oil ghost fleet circles the oceans as buyers vanish, a situation that paints a grim picture of the current economic reality. It’s becoming increasingly clear that the war in Ukraine is taking a devastating toll on Russia’s financial resources, and the oil trade, a crucial lifeline for the Russian economy, is facing unprecedented challenges. The “ghost fleet,” those tankers supposedly carrying Russian crude, is now navigating increasingly choppy waters, and the primary reason for this is a shrinking market for Russian oil. Many buyers are simply steering clear, whether due to sanctions, reputational concerns, or the simple fact that the economics no longer make sense.… Continue reading
Matt Underwood