Russian Flagship Oil Cargo Transfers at Sea Grind to a Halt

The transfer of Russia’s flagship Urals oil at sea — a key part of the nation’s petroleum supply chain since the war in Ukraine — has all but ground to a halt.

There has been just one so-called ship-to-ship transfer of the nation’s top export grade so far in July — a tiny switch of about 140,000 barrels — according to tanker-tracking data observed by Bloomberg. There were 14 last month.