In August 2026, Russia turned to non-G7 tankers for crude oil sales to foreign buyers, especially those operated by Hong Kong companies. This shift occurred as Greek tanker companies exited the Black Sea due to escalating maritime attacks.
Increase in Non-G7 Tanker Share
According to provided data, tankers registered, owned, and operated by companies not based in G7 countries and their allies, and not covered by Western insurances, carried 70.7 percent of Russia's crude oil exports amounting to 3.8 million barrels per day last month. This figure has increased from 63.8 percent in July and represents the highest share in the past five months.
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Prominent Role of Hong Kong Tankers
Hong Kong-owned tankers were responsible for transporting 32 million barrels of oil in August, more than their counterparts in China and other countries. This marks a significant increase from 18 million barrels in July and is the highest level since November 2022. Analysis of CAS and MIRS data indicates that these companies primarily use older ships and do not utilize G7 maritime services, and their ownership structure is opaque.
Last month, over three-quarters of their shipments were loaded from the Black Sea. The report also notes that in Hong Kong, ownership can be quickly and cheaply transferred to a new entity, making this area attractive for ship owners looking to circumvent sanctioning authorities.
Exit of Greek Tanker Companies
The exit of Greek tanker companies from the Black Sea was due to intensified Ukrainian attacks on ships suspected of participating in Russian Black Sea trade. Vessels such as "Nisos Sifnos" from "Cyclades Maritime" and "Marachi" from "Dinakum" were damaged near the port of Novorossiysk. The volume of shipments from Greek companies in August dropped to 13.6 million barrels, with 3 million barrels in the Black Sea.
Impact on Oil Prices
This exit coincided with an improvement in Russian crude oil prices, which limited corresponding business opportunities. The average price of Urals oil, Russia's main crude oil type, reached $64.242 per barrel in August, up from $52.927 in July. This price increased to $86.05 per barrel on September 9.
According to the G7 pricing regime, which has become fragmented since Donald Trump's return to the White House in 2025, the United States allows tankers to carry Russian oil when the price is below $60 per barrel, while Japan has set this threshold at $47.6 per barrel.
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