Russian Oil Switching at Sea Gathers Pace in Wake of European Sanctions
- Urals transfers could reach 14 million barrels in this month
- G-7 price cap, shortage of ice-class tankers boost transfers
Source: Getty Images
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Russia is transferring record amounts of its flagship Urals crude at sea as Moscow tries to overcome freight costs that soared following European sanctions.
A total of 19 million barrels of the crude will likely get transfered at sea this month and last, according to tanker tracking data compiled by Bloomberg. The January tally alone is likely to set a record at 14 million barrels.