Oil Ground Up Oil's Power Play: Sanctions and Global Economic Strategy with Rachel Ziemba
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Jul 24, 2025 Rachel Ziemba, founder of Ziemba Insights and a geoeconomic expert, joins to discuss the complex world of sanctions and oil. She unpacks how the Trump administration’s strategies altered the global oil market, leading to the rise of a 'shadow fleet' moving oil from sanctioned nations like Russia and Venezuela. The conversation also covers the unintended consequences of sanctions on global power dynamics and Europe’s efforts to lessen its energy dependence on Russia. Join them for insights into the evolving landscape of economic statecraft and international relations.
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Impact of EU on Russian Oil Sanctions
- Western sanctions on Russian oil heavily rely on EU bans and transport restrictions more than just US sanctions.
- The EU's transport ban and price cap aim to restrict Russia's war funding while keeping oil flowing globally.
Shadow Fleet Explained
- The shadow fleet consists of tankers that evade traditional insurance and regulatory systems to transport sanctioned oil.
- These vessels use ship-to-ship transfers and identity masking to bypass sanctions, complicating enforcement efforts.
Limits of Self-Sanctioning
- Some G7 affiliated companies have transported Russian fuel despite sanctions, showing limits of self-sanctioning.
- About 20-25% of Russian fuel cargoes have involved entities linked to Western countries at times.