As many as 143 sanctioned oil tankers shipped over 530mn bbls Russian crude in 2024An oil tank and a pump jack are seen in this picture. The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenues Moscow has used to fund its war with Ukraine. Many of the tankers have been used to ship oil to India and China as Western sanctions and a price cap imposed by the Group of Seven countries in 2022 shifted trade in Russian oil from Europe to Asia. Russian oil exports will be hurt severely by the new sanctions, which will force Chinese independent refiners to cut refining output going forward, two Chinese trade sources said. A Singapore-based trader said the designated tankers shipped close to 900,000 bpd of Russian crude to China over the past 12 months.

Source: bd News24 January 13, 2025 04:10 UTC