As part of a very extensive investigation that we have been conducting for more than a year, The Maltese Herald can reliably confirm with documented evidence that Malta has been buying Russian oil and that these purchases have increased during the war on Iran.
These purchases are being made in Hurd’s Bank where illegal activity has increased during the war on Iran. Hurd’s Bank is being used as an area to trade Russian oil with Russian ships also using it to refuel and unloading.
The sales to Maltese shippers are being made by Greek shippers. Maltese locally-based traders then sell the Russian-sourced supply to the government or other large buyers.
The oil purchased by the Greek shippers is being purchased below the established price cap, making their trades legal according to EU law, but the practice remains highly immoral and also legally nuanced as Russia uses these profits to target civilians. Greek shippers make extensive use of Malta for their operations.
One of the recent Russian-oil cargos was sold to Malta via the Greek vessel Romeos which transferred its Russian cargo via bunkering to at least two other locally-based vessels: the Maria Serena, which is locally based but Swedish owned by (Oljaren Rederi AB) and also the Maltese owned vessel, Elaura, which is owned by a local shipping group (Zeta Energy).
The sales are also being made with the knowledge and awareness of the Maltese authorities which deem the process legal as long as the original purchase remains under the price cap. However, the arbitrage gap between Russian oil sales and the final purchase price may be vary significant with the traders potentially making significant margins on these sales.
Fuel and electricity in Malta are subsidised.
Feature photo from Marine Traffic.
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