Greece new hub for Russian ship-to-ship fuel oil exports?

Greece new hub for Russian ship-to-ship fuel oil exports?

Russian fuel oil arrivals offshore Greece jumped to record levels in April, as sanctions on Moscow drive traders to find new ways to export Russian oil via ship-to-ship (STS) loadings, Refinitiv Eikon data showed and sources said.

Trading Russian crude and oil products remains legal for now as the European Union is yet to fully agree on a proposed embargo, but banking and other financial sanctions on Russia following its invasion of Ukraine has made it increasingly more difficult to do so.

In April, shipments of Russian fuel oil with Greece as a destination reached nearly 0.9 million tons, about double March levels, and could reach new records in May, according to Refinitiv data.

The bulk of this was shipped from Russian ports to Kalamata port, the data showed.

The Greek Energy Ministry declined to comment on what it said was private companies’ business. [Reuters]

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