Russian crude oil piles up near Chinese coast after US sanctions

The amount of oil stranded off the Chinese coast is growing as traders, refiners and shipping companies try to avoid being caught up in the US’s strictest-ever sanctions on Russian energy flows, Report informs via Bloomberg.

Five tankers carrying almost 4 million barrels of ESPO and Sokol crude from the Russian Far East that should have delivered their cargoes by now are idling in Chinese waters, according to ship-tracking data from Bloomberg and Kpler. Four of those vessels were sanctioned by the US.

According to ship brokers, the current situation may lead to an increase in ship-to-ship fuel transfers and the use of smaller ports.