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The introduction of new sanctions by the United States has had serious consequences for the Russian oil sector. According to the latest data published by The Moscow Times, approximately a tenth of Russia’s shadow fleet involved in oil transportation has been shut down, which means a loss of cargo worth more than $3.5 billion. The International Energy Agency (IEA) predicts significant changes in global oil supply flows due to these sanctions.
Lloyds List Intelligence confirms that the total number of tankers in the Russian shadow fleet is about 670 vessels, of which 65 have been unable to enter ports in China and other countries. These vessels are stuck at sea and cannot ship oil that has been shipped from Russia over the past 2.5 weeks. According to Bloomberg, during this time, tankers could have exported about 53 million barrels of oil.
Reuters report that at least 65 tankers with Russian oil are drifting off the coasts of China, Singapore and Russia, creating a logistical logjam and increasing pressure on the oil market. Another 25 tankers are in various locations, including Iranian ports and the Suez Canal area.
In early January, the United States imposed blocking sanctions on two major Russian oil exporters, Gazprom Neft and Surgutneftegaz. Russia’s largest shipping company, Sovcomflot, was also sanctioned. In total, 183 tankers flying the flags of various countries transporting Russian oil and oil products in violation of Western sanctions were subject to restrictions.
These measures, taken in response to Russia’s ongoing aggression against Ukraine, have become another blow to Russia’s economic and financial situation, causing serious disruptions in its oil industry and increasing global tensions in the global energy sector.
