How Russia is helping to avoid sanctions
Russia continues to ship oil around the world and finance the war in Ukraine.
We tell Pravda_Gerashchenko readers about The Wall Street Journal investigation about who is helping the Russian Federation to circumvent sanctions .
In 2021, Beks Ship Management acquired 37 ships (mostly obsolete oil tankers). The firm financed these acquisitions through banks in France, China, Japan, Taiwan and Australia.
After February 24, 2022, Beks has become one of the world’s largest shipowners carrying Russian oil. The company’s vessels have been offloading oil in the port of Kozmino on the Russian Pacific coast in recent months.
From selling socks and underwear to oil carriers
Beks is owned by Turkish textile tycoon Ali Bekmezci, who owns a factory that makes socks and underwear for Western brands like H&M.
Beks claims to carry out the necessary sanctions checks with the help of English lawyers. However, its ships do not appear in the P&I database, a global network that insures about 90% of the world’s commercial shipping.
Oil from Russia is transported not only by the Turks
Currently, the fleet transporting oil from the Russian Federation has hundreds of ships around the world. They belong to companies not only in Turkey, but also in Greece, India and the United Arab Emirates.
Many escape Western sanctions by operating outside of normal industry standards. They are also opting out of P&I insurance, using a parallel Russian insurance system built up since the start of the war.
Thanks to the “ghost” fleet, the Russian Federation has increased its share in major oil markets, including China and India. So Moscow continues to receive money that goes to finance the war in Ukraine.
WSJ