NEW DELHI/SINGAPORE : At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance.China, the world's top oil impor
NEW DELHI/SINGAPORE : At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance.
All five shipments were scheduled between Dec. 22 and Jan. 23, according to the sources and Eikon ship tracking data. As the United States and its allies tried to choke off Moscow's energy revenues to limit its ability to fund the Ukraine war, Russia quickly diverted oil exports from Europe last year, mainly to Asia.
Indian Oil Minister Hardeep Singh Puri said at a press briefing on Thursday that India would buy oil from wherever it could secure the cheapest price. Reuters was unable to immediately contact the owners and managers because of a lack of public information about them. While most Russian crude is now heading to China, India and Turkey in Russian or non-western ships, G7 sanctions have led to a shortage of smaller ice-class tankers - many belonging to Greek and Norwegian companies - needed by Russia to transport its crude from Baltic Sea ports in winter.
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