Russian oil tankers stuck in China amid new US sanctions
Bloomberg reported on Monday that three tankers carrying Russian crude oil—two million barrels of oil — are stranded off the coast of China due to the latest American sanctions. The sanctions were imposed last Friday.
Two of the ships, Huihai Pacific and Mermar, were sailing under the Panamanian flag, while a tanker named Olia was under the Gabon flag. Last Friday's sanctions package listed these tankers among 183 units in the so-called shadow fleet, which transports Russian oil at a price higher than the set cap of 60 dollars per barrel.
US sanctions took effect
All three ships set sail from Russia's Kozmino oil port at the beginning of January, located about 53 miles southeast of Vladivostok. Their destination was ports in China's Shandong province, where many refineries are set up to receive crude oil from countries under American embargoes.
While implementing these sanctions, representatives of the US administration emphasized that this most stringent package of restrictions imposed so far should cause Russia to incur losses reaching up to billions of dollars monthly.
Reuters reported on January 8th that the Shandong group, which manages major ports on the eastern coast of China, has banned sanctioned tankers from entering. These ports import oil into China from Russia, Iran, and Venezuela.
Oil prices rising
The sweeping American sanctions have affected oil prices. The popular Brent crude rose by almost 4 percent in the previous session, reaching 81 dollars per barrel. Meanwhile, the American West Texas Intermediate climbed to almost 78 dollars, according to Bloomberg.
- The restrictions announced by the White House targeting the Russian energy sector will significantly increase pressure on the Kremlin, but they should have been implemented at the beginning of the war, - said Dr. Benjamin L. Schmitt, an energy policy expert from the University of Pennsylvania. He added that the new administration should further strengthen sanctions.
On Friday, the White House imposed comprehensive restrictions on more than 400 entities, including two of Russia's largest oil producers, Gazprom Neft and Surgutneftegaz. Together, they account for over one-fourth of this raw material's exports. White House officials announced that the sanctions aim to target every phase of Russian oil sales, from production and distribution to trade companies and the ports receiving Russian tankers.
