Sanctioned tankers lifted 36% of all oil shipped from Russia in July, according to data from Windward and Vortexa. Out of 165 million barrels tracked leaving major export ports, sanctioned vessels carried 60 million barrels. Half of all Russian crude exported in July was transported on sanctioned ships.
Windward’s analysis also showed that 30% of Russia-origin crude and refined products were shipped on Greek-owned vessels. These shipments are considered compliant with the G7 price cap mechanism, which permits Western service providers to handle cargoes priced below $60 per barrel for crude, $100 per barrel for refined products, and $45 per barrel for fuel oil. The cap was introduced between December 2022 and February 2023.
Argus Media reported that Russia’s Urals crude averaged $58.99 per barrel in July, remaining below the cap for six consecutive months. ESPO grade crude shipped from Kozmino averaged nearly $65 per barrel, exceeding the limit. Greek-owned vessels transported 38% of refined products, including diesel, and 20% of crude, a decline from 27% the month before.
Greek crude shipments are expected to fall to zero as the UK and EU lower the cap to $47.80 per barrel in September and October under expanded sanctions. With more than 400 Russia-trading ships blacklisted, a shortfall of tankers may emerge to cover the gap left by Greek owners.
China and India have continued to receive Russian crude on EU- and UK-sanctioned tankers, while U.S.-sanctioned vessels face stricter limitations. Refined products were shipped on tankers sailing under 25 different national flags.
Of nearly 300 tankers that loaded Russian oil in July, Windward classified 63% as high compliance risk. Thirty-one percent were already sanctioned, and 5% showed medium risk. Windward noted that 98% of sanctioned vessels had been identified as high risk before designation.
Windward Ltd. is a publicly traded company registered in Israel, specializing in artificial intelligence solutions for maritime risk management and trade compliance.
Vortexa Ltd. is a private company incorporated in the United Kingdom, providing analytics and tracking services for global energy flows, including oil and gas shipments.
Argus Media Ltd. is a privately held company headquartered in the United Kingdom, recognized as a price reporting agency for global energy and commodity markets.