Russia shifts to Hong Kong tankers as Greek operators exit Black Sea
In August, tankers operated by companies not based in G7 countries loaded 70.7% of Russia’s crude exports, up from 63.8% in July. Hong Kong tanker operators lifted 32 million barrels, the most since November 2022. Shipments by Greek tanker operators fell to 13.6 million barrels from 26.4 million, with Black Sea liftings dropping to 3 million from 11.6 million.
Why it matters: This matters for the sanctions theme because it shows non-G7 operators filling the gap left by Greek firms as the price-cap regime fragments.