Six vessels carrying nearly 5 million barrels of Russian oil failed to succeed in their locations in India, some idling kilometers off the coast for weeks with out offering a cause, Bloomberg reported on Dec. 20.
Current U.S. sanctions focusing on the violators of the $60-per-barrel value cap may partially be the explanation, the information outlet speculated.
The U.S. Treasury Division sanctioned the NS Century ship, belonging to the Russian Sovcomflot transport firm, on Nov. 16 for violating the value cap.
Two days later, the vessel halted south of Sri Lanka whereas carrying Russian oil to the Indian port of Vadinar, Bloomberg wrote.
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Up to now week, NS Century was later reportedly joined by two different Sovcomflot-owned tankers carrying oil to Vadinar.
Two extra tankers heading to a different Indian port, Paradip, additionally got here to a sudden cease earlier than reaching their locations, and one other ship might quickly be a part of them, based on Bloomberg.
5 of the listed vessels belong to Sovcomflot.
Each the U.S. and the EU started ramping up sanctions to implement the value cap on Russian seaborne crude. The measure was imposed final yr to restrict Moscow’s oil income with out destabilizing international markets.
Though Russia managed to largely keep away from the cap in current months by utilizing a fleet of uninsured “ghost” tankers, Russian oil and gasoline income dropped by 41% in 2023 amid tightening sanctions.
With the West weaning itself off Russian oil, Moscow turned to new markets like China and India, providing discount costs.
India is an particularly essential buyer for Russia, because it has been shopping for greater than 60% of Russia’s seaborne oil, making it the second purchaser of Russian seaborne crude after China.
Learn additionally: EU adopts 12th package of Russia sanctions
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