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GP Global’s Russian Oil Purchase from Blacklisted Ships Sparks Outcry
ArcelorMittal Chairman Lakshmi Mittal’s energy venture, GP Global, has reportedly purchased Russian crude oil transported on ships blacklisted by the U.S. and EU. The deals raise ethical and legal concerns amid global efforts to curb Moscow’s oil revenue post-Ukraine invasion.
Details of the Controversial Transactions
Investigative reports reveal that GP Global, where Mittal holds a significant stake, bought multiple Russian crude shipments in 2023-2024 via a “shadow fleet” of sanctioned tankers. Key vessels involved include:
– Sea Fidelity – Blacklisted for obscuring oil origins.
– Palmali Superior – Previously detained for safety violations.
These tankers allegedly disabled tracking systems to bypass Western sanctions.
How Russia Evades Oil Sanctions
The G7 and EU imposed a $60/barrel price cap to limit Russia’s oil profits. However, loopholes persist, including:
✔ Non-Western shipping & insurance
✔ Shell companies and middlemen
✔ Use of aging, high-risk tankers
GP Global’s involvement suggests sanctions enforcement gaps, even among firms tied to high-profile investors.
GP Global’s Defense & Mittal’s Silence
A company spokesperson stated GP Global follows all legal and ethical guidelines, denying intentional wrongdoing. However, analysts argue blacklisted tankers indicate negligence or deliberate risk-taking.
Lakshmi Mittal, among India’s richest, hasn’t commented. Though GP Global operates independently, Mittal’s association risks reputational damage.
Broader Impact: Sanctions Weakness & Diplomatic Risks
- India’s Role: A major buyer of discounted Russian oil, though not violating sanctions.
- Safety & Environmental Risks: Shadow fleet tankers often lack maintenance, raising spill risks.
- Regulatory Crackdowns Likely: U.S. OFAC may target intermediaries like GP Global.
What’s Next for GP Global & Mittal?
- Potential OFAC sanctions on involved entities.
- Stricter compliance checks for high-profile investors.
- Rising pressure to avoid dealings with shadow fleets.
Conclusion
GP Global’s Russian oil deals spotlight the challenges of enforcing sanctions. While legally ambiguous, the ethical implications are clear—loopholes enable Russia’s war funding, demanding tougher global action.
—Reported by [Your Name], Investigative Correspondent
