Energy Analyst Sergey Vakulenko makes the case that Russian oil producers are using higher shipping costs and Russian-controlled shadow fleets to circumvent western sanctions. This tactic means Russian tankers can still use Western insurance providers while effectively selling oil above the price cap set under EU sanctions.

It also means, estimates of Russia’s revenue from energy sales significantly understate their actual revenue. So while the corporate press engages in champagne popping as they stare at charts of lower Russian energy revenue, the reality is it looks like the Russian’s have several mechanisms to keep the money flowing. those expecting an imminent collapse of the Russian economy, or an end to hostilities in Ukraine, will probably be disappointed.