Shipping costs for Russian crude are skyrocketing as more tanker owners shun the trade days before stricter European Union sanctions take effect.
Owners who are still willing to load Russian crude are attempting to charge more for the risk. Baltic Sea-to-India rates are being discussed at about $15 million -- or $20 a barrel --- for loadings after Dec. 5 when new EU restrictions kick in, said shipbrokers. That’s a sharp increase from $9 million to $11.5 million before.
