In the third quarter of the year, instances of shadowy oil transfers at sea, involving tankers turning off transponders to conceal their locations, increased globally, particularly linked to Russia, Iran, and Venezuela – nations facing Western sanctions. Dark ship-to-ship transfers reached a record 792 operations, driven by sanctioned producers seeking higher profits amid rising international crude prices. The G7's efforts to curb Russian oil imports and impose price caps face challenges, as a growing non-Western 'shadow' fleet engages in illicit activities, complicating regulatory crackdowns. Despite concerns, limited repercussions and lucrative profits make such operations appealing to shipowners, raising questions about the effectiveness of sanctions and international law enforcement. The International Maritime Organization's reliance on flag states for regulation, coupled with lax enforcement, adds to the difficulty of controlling these opaque transfers. As oil volumes in illicit practices grow, the challenge for Western regulators becomes more complex.

SOURCE:GOOGLE