The US Treasury Department has called on the G7 to tighten control over the Russian oil trade amid Moscow’s growing shipments, Axios reported on Wednesday, citing a memo.

The G7 and EU countries imposed a price limit on Russian seaborne oil sales last year. The measure bans Western companies from providing insurance and other services to shipments of Russian crude unless the cargo is purchased at or below the $60-per-barrel price cap. Similar restrictions were introduced in February for exports of Russian petroleum products. The measures were intended to substantially reduce Moscow’s energy revenues.

“Russia invested in new shipping capacity that operates without Coalition services, creating more capacity for oil exports priced above the cap,” Deputy Treasury Secretary Wally Adeyemo wrote in the memorandum, which was sent to his counterparts in the coalition of G7 nations and Australia, according to Axios.

“We must adjust our approach to account for the new dynamic,” Adeyemo said.

According to the report, Russian crude oil prices in global markets rose to roughly $80 a barrel in September and October, partly due to Moscow’s investment in its alleged ‘shadow fleet’ of tankers, on which the price restrictions have limited traction.

A recent report from the Atlantic Council reportedly shows that around 70% of Russian oil shipping is now conducted by the ‘shadow fleet’, compared with less than 30% in January 2022.

READ MORE: Russian oil price cap has ‘largely failed’ – Politico

Axios noted increased enforcement activity towards Russian crude exports in recent weeks, with sanctions targeting several shippers. This is expected to be a key part of what Adeyemo calls phase II of the price cap, the news outlet added.

“We must reduce Russia’s profits through the following two channels: strengthening enforcement for the continued trade of Russian oil with Coalition services, and increasing the costs of Russia’s efforts to circumvent the cap,” the deputy Treasury secretary was quoted as saying in the memo to the G7.

A number of Western officials have admitted that the price cap is currently not working, as Moscow consistently sells its crude for more than the $60-a-barrel limit and its export revenues are higher than expected.

 

https://www.rt.com/business/588626-us-g7-russian-oil-sanctions/

 

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Russian fuel exports rebounded in November following the easing of export restrictions and the end of the refinery maintenance season, Bloomberg reported this week, citing ship-tracking data from Vortexa.   

Shipments of refined fuel surged to 2.2 million barrels per day (bpd) last month, rising by about 164,000 bpd compared to October, when supplies dropped to a three-year low, data showed.   

Diesel and gasoil exports rose by 12% month-on-month in November, reaching a three-month high of 894,000 bpd after Moscow eased fuel export restrictions. The bulk of cargos headed to Africa and South America, particularly Brazil, according to Vortexa.  

Meanwhile, Russia’s four-week average seaborne crude exports had declined to their lowest level in three months as of December 3, after storms in the Black Sea disrupted shipments. However, exports of oil products rose last month due to increased supplies of diesel and gasoline, the outlet said.  

READ MORE: Russian oil exports yielding more revenue than before Ukraine conflict – Bloomberg

Fuel oil deliveries grew by about 4% to 727,000 bpd, while flows of refinery feedstocks such as vacuum gasoil jumped to a six-month high of around 149,000 bpd.  

December exports of Russian diesel from Black and Baltic Sea ports are expected to reach the highest volumes since July, analysts have predicted.

https://www.rt.com/business/588677-russia-refined-fuel-exports-rise/

 

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The Netherlands continues to import Russian gas despite earlier pledges to stop buying the commodity, the news outlet RIA Novosti reported on Saturday, citing Dutch trade data.

According to the report, in September, the EU country imported some 211.5 million cubic meters of liquefied natural gas (LNG) from Moscow worth €109 million ($117 million). This followed a three-month break in Dutch imports of Russian LNG, which came after the country’s climate and energy minister, Rob Jetten, announced that the government was working to stop importing hydrocarbons from Russia.

In his announcement in April, he pledged that the Netherlands would stop signing new contracts for Russian LNG supplies and terminate pre-existing agreements, which prompted imports to drop sharply in May and stop altogether during the summer months.

While the EU placed numerous sanctions on Russia amid the Ukraine conflict over the past 22 months, Russian gas has so far not been targeted by restrictions. Nonetheless, EU imports of pipeline gas from the sanctioned country have mostly been halted amid the bloc’s general drive to end its reliance on Russian energy. However, the EU continued to buy record volumes of LNG from Moscow this year, with shipments hitting an all-time high of 1.75 million tons in November, according to data by Kpler.

READ MORE: Cold weather causes surge in EU gas consumption

Meanwhile, according to the latest media reports, the EU is working on legislation allowing member states to end gas imports from Russia unilaterally. According to the document, which has been seen by the Financial Times, the measure would give any member state the power to “partially or, where justified, completely limit” or block Russian and Belarusian companies from buying capacity in European pipelines and LNG terminals.

 

https://www.rt.com/business/588822-netherlands-imports-russian-lng/

 

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The Sanctions Against Russia Are Starting to Work

Economic penalties gain force over time, and for average Russians, the pain is finally setting in.

By Leon Aron Now that Russian President Vladimir Putin finds himself in a war of attrition, his only chance at victory depends on outlasting both Ukraine and its military supporters. He isn’t merely counting on the demoralization of the Ukrainian people and on “Ukraine fatigue” in the West; he’s also assuming that his own country has the stamina for a long and brutal fight. Yet after nearly two years in which Putin has largely succeeded in insulating most of his subjects from the war, the effects of Western sanctions—coupled with the astronomical and growing human and monetary costs of the conflict—are finally beginning to cause pain for the Russian general public. https://www.theatlantic.com/ideas/archive/2023/12/russia-economic-sanctions-putin/676253/# This is BS wishful full of crap thinking by The Atlantic that sees a tiny reduction of improvement in the growth of the Russian economy from 3.5 per cent to 3.499 per cent as an indication of decrepitude — while the said sanctions have decimated the growth of most EU countries... but we cannot begrudge the "news sewer" the Atlantic is... SEE ALSO: https://www.rt.com/news/588750-us-pentagon-failed-annual-audit/ SEE ALSO: https://sputnikglobe.com/20231212/us-shoots-itself-in-foot-with-politically-motivated-ban-on-russian-uranium-imports-1115538909.html SEE ALSO: https://www.rt.com/business/588877-russia-aluminum-crisis-sanctions/ SEE ALSO: https://sputnikglobe.com/20231212/ukraine-on-brink-of-coup-as-zelensky-begs-us-for-more-money-1115541865.html READ FROM TOP.  FREE JULIAN ASSANGE NOW............