The European Union is in the process of preparing a tenth package of sanctions against Russia, which is expected to be ready by February 24, the one-year anniversary of the start of the Russian invasion of Ukraine. Western sanctions are believed to be having an effect on Russia, as the Kremlin recently announced a reduction in its oil production.
However, there are secondary consequences to the sanctions imposed by the EU. The ban on transporting Russian crude on inland vessels has led to Russia using a “ghost fleet” and alternative trade routes to transport its oil, one of which passes through Ceuta. According to the Financial Times, tankers in the Iranian fleet have been found to be carrying Russian oil since Western restrictions came into force in December, including the EU’s ban on its shipping lines loading Russian oil. The last two months have seen an increase in the service provided by this fleet, which operates by masking its ownership and movements so as not to be detected.
The lack of vessels to transport its oil is the reason the Kremlin has chosen to employ Iranian tankers. Russia is believed to face a shortage of vessels to transport all its crude oil. Some analysts suggest that non-Western shipping companies that agree to transport Russian oil do so because Russia offers very high payments for this service, with premiums that can be as much as 100% higher than normal rates.