US sanctions threaten Russia’s seaborne oil exports – Bloomberg
Photo: Russian oil exports by sea may decline in the coming weeks due to US sanctions (Getty Images)
Russian seaborne oil exports may decrease in the coming weeks after the United States imposed sanctions on two of Russia’s largest exporters and about 160 tankers in the shadow fleet, Bloomberg reports.
According to the publication, in the coming months, traders will closely monitor shipments, considering that Gazprom Neft and Surgutneftegaz accounted for nearly 30% of Russia’s seaborne exports, while sanctioned traders and tankers transported millions of barrels of oil.
It is noted that US measures have undermined expectations of a significant global supply surplus this year and have driven up oil futures prices.
The impact of these latest measures will be particularly significant for oil flows directed toward the Pacific region. Approximately three-quarters of ESPO-grade shipments sent since the beginning of October were carried by vessels now under sanctions.
In addition, the entire fleet of specialized shuttle tankers used for the Sakhalin-1 and Sakhalin-2 oil and gas projects has also been added to the sanctions list.
US sanctions against Russia
On January 10, the US Department of the Treasury announced new large-scale sanctions against Russia's energy sector, including major oil companies Gazprom Neft and Surgutneftegaz, to hinder Moscow's war efforts against Ukraine by depriving it of billions of dollars per month.
The sanctions also target more than 180 vessels and dozens of oil traders, oil industry service providers, insurance companies, and energy sector officials.
According to Kpler, the latest sanctions have affected tankers responsible for about 42% of Russia's seaborne oil exports, primarily to China.
Reuters reported that the new US sanctions against Russian oil companies are the most extensive restrictions on the aggressor country's energy sector to date. As a result, Russia could lose billions of dollars monthly.
