500,000 tonnes of Russian oil products stuck at sea due to US sanctions, Reuters reports
Pravda Ukraine
LSEG (London Stock Exchange Group) data released on Wednesday show that almost 500,000 metric tonnes of Russian oil products are stuck on tankers under US sanctions.
Source: Reuters
Details: On 10 January, new sanctions related to Russia affected more than 180 vessels and insurance companies, complementing the impact of similar restrictions imposed by the UK and the European Union.
The latest US sanctions include nine tankers that loaded oil products at Russian ports in the Baltic and Black Seas in December and January.
LSEG data indicates that four of them, the Cup, Aquatica, Turaco and Onyx, carried about 280,000 tonnes of fuel oil destined for India, Türkiye, and Singapore.
Another tanker, Ariadne, loaded about 35,000 tonnes of oil in December at the Russian Baltic port of Ust-Luga. Shipping data shows that it is drifting near the Egyptian port of Port Said.
The four other vessels on the sanctions list carry around 160,000 tonnes of ultra-low sulphur diesel and gas oil of Russian origin.
One of these vessels, the Pravasi, is unloading in the Brazilian port of Santos. The other three vessels, Symphony, Jupiter and Talisman, are heading to Türkiye.
Although a transitional period allows for the offloading of already agreed cargoes, traders say that concerns over sanctions have slowed activity.
Background:
- Three tankers with more than 2 million barrels of Russian oil are floating in the waters off eastern China and cannot be shipped after the US imposed new sanctions on Russia’s largest oil companies on Friday, 10 January.
- The US Treasury Department’s Office of Foreign Assets Control has imposed sanctions on two of Russia’s largest oil companies, Gazprom Neft and Surgutneftegas, as well as ship insurance providers Ingosstrakh and AlfaStrakhovanie.
- Financial Times report that the measures include the blacklisting of 183 ships of the “shadow fleet” involved in exports from Russia.
- India intends to abandon oil tankers that the US has sanctioned because of their role in transporting goods for Russia, which is another example of the impact of Washington’s measures on the global oil market.
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