The risk of an oil spill in the North Sea or the English Channel is growing, analysts have warned, as Russia relies on aging tankers to shift supplies around the world.
Concern across the shipping industry is mounting due to Vladimir Putin’s reliance on oil tankers that are up to 23-years-old, which he uses as part of his so-called “shadow fleet”.
The fleet is used by Russia to skirt the G7’s price cap on oil exports, but experts fear this has increased the prospect of an environmental catastrophe.
Craig Kennedy, of Harvard University’s Davis Center for Russian and Eurasian Studies, told the Telegraph there is a “real risk” of an oil spill in European waters.
He urged policymakers to shield themselves from the heightened risk of spills from "badly maintained shadow vessels, whose numbers are steadily growing.”
Most of Russia’s shadow fleet does not have the necessary insurance for oil spills, said Mr Kennedy, which means “they shouldn’t be allowed to operate”.
Of 4,200 oil tankers in operation of a certain weight, 1,100 have not been inspected in the last three years, according to analysis by S&P Global Market Intelligence.
Of these, 600 are at least 20 years old, while 529 do not have a known insurer, according to the Telegraph.
Byron McKinney, director for trade finance and compliance solutions at S&P Global, said these figures are the biggest indicator of a potential oil spill.
In December, the G7 introduced a $60 per barrel price cap on Russian oil.
This means it can only be transported on ships insured by West’s P&I Club of insurers if the oil is sold below the price cap.
To get around this, Russia is using ships that do not have Western insurance, but fears are growing that these tankers do not meet international standards.
According to analysis by Lloyds List, the average age of a dark fleet tanker is 23.
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