Russian Oil Revenues Rising, Tougher Sanctions Needed on Shadow Fleet
Russian oil export revenues surged to $17.2 billion in March 2024, driven by higher global oil prices and increased crude export volumes, according to the April ‘Russian Oil Tracker’ by KSE Institute. Despite robust US Treasury sanctions targeting the shadow fleet, Russia continues to expand it by incorporating new tankers, allowing for stable exports and further evasion of oil price cap.