Russian tankers from "shadow fleet" use Singapore to circumvent sanctions, - media

Russian tankers belonging to the "shadow fleet" are increasingly listing Singapore as the official destination for oil.

This is stated in a Reuters article referenced by Censor.NET.

This refers to Moscow's attempts to conceal the real buyers of oil against the backdrop of Western sanctions. According to shipping analytics, in January, tankers from the Russian Federation declared Singapore as the destination for approximately 1.4 million tonnes of crude oil.

This is the highest figure in several years and is an atypical practice for the region.

Masking Russian oil routes

Market participants note that most of these vessels do not actually enter the port of Singapore. The oil is unloaded near the coast of Malaysia or transferred to floating storage facilities.

Singapore is used as a formal destination to mask the final routes. This scheme makes it difficult to track deliveries and reduces the risk of sanctions.

"The rise in tankers listing destinations signals mounting difficulties with sales and a shrinking pool of reliable buyers," said a Moscow-based oil trader.

Sanctions pressure and risks for Russian exports

The change in routes is happening against the backdrop of an expected reduction in Russian oil imports. Following new trade agreements with the US, the Russian market may shrink even further.

Traders point out that China may remain Russia's only major customer. At the same time, Chinese state-owned companies are cautious about spot purchases due to the risk of secondary sanctions.

Previously, Port Said or the Suez Canal were used to mask routes. Now, the number of unclear destinations has increased significantly.