Covert transshipment of Russian oil occurs at new location in Greece

The covert transshipment of Russian fuel cargo between tankers at sea has moved to new locations off the coast of Greece after the country used naval exercises to shut down the activity in one place.

Source: Bloomberg

Details: Around 1 million barrels a month of diesel, fuel oil and other petroleum products are transferred from vessel to vessel  near the islands of Lesbos and Chios in the Aegean Sea. 

The area became popular only after the Greek navy conducted exercises in the Laconian Gulf, which was previously the number one spot for such practices in Europe.

The sharp increase in the number of ship-to-ship movements of Russian oil and fuel in and around Europe has raised environmentalists' concerns over the safety and insurance of the ships involved.

The practice, which is sometimes carried out covertly with digital beacons disabled or tampered with, can help conceal the origin of the oil, helping to circumvent sanctions. 

Ship-to-shore movements are still taking place near the Laconian Gulf, but at a much slower speed since the Greek naval exercises began. 

The manoeuvres have not affected the narrow stretch of water, and they are still taking place in this area.

Transfers have also become regular off the Italian port of Augusta since May when the Greek navy began its exercises. 

Background: The Greek Navy extended a series of naval exercises in the Laconian Gulf for another four months.

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