Russia has been able to export a lot of its oil to other buyers, notably China and Russia. Western sanctions have so far failed to crush Russia’s oil exports as Moscow is redirecting crude to its more than willing Asian buyers, China and India. A provision in the upcoming sixth sanctions package will soon prohibit EU operators from insuring and financing the marine transportation of Russian oil. European vessel owners, especially private Greek operators, are moving the Russian oil in the months before the EU ban on seaborne Russian oil imports kicks in at the end of this year. By shipping Russian ESPO crude from Kozmino to the Chinese coast, a ship owner can make $1.6 million—three times what they would have made before the war in Ukraine. . . .
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