There is little left for ships leaving Baltic Sea ports and the Russian Federation’s Arctic zone to reach their destinations before EU sanctions take effect.
Crude oil shipments offshore Russia jumped to a five-month high last week. Bloomberg reported this the other day.
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It is noted that there is less time for ships leaving the ports of the Baltic Sea and the Arctic zone of the Russian Federation to reach their destinations before the EU sanctions take effect. Therefore, cargo traffic increased to 3.6 million barrels per day – the highest figure since early June.
The UK has followed the EU’s lead by banning its companies from providing insurance and other services to ships carrying Russian crude unless the cargo is bought at a price below the G7 limit. The move, like the ban in the EU, will take effect on December 5. It is noted that London is an important insurance market for oil transportation.
According to the publication, the greatest disturbance is observed at the Arctic terminal of Murmansk.
“From Murmansk, ships take longer to reach destinations in Asia than to terminals in the Baltic or Black Sea, and this jump may reflect a desire to deliver volumes before the EU sanctions are prevent ships from carrying Russian oil and ban them from providing insurance and other services to the rest of the fleet,” the article said.
In addition, ships leaving Russian ports have become “more cautious” and do not report the last port of departure.
In particular, there has been a significant increase in the number of ships indicating Port Said or the Suez Canal as their next destination. However, they can go to India.
Tankers currently loading in Primorsk or Ust-Luga are unlikely to reach unloading terminals in China or India before the EU ban takes effect.
It was previously reported that the G7 countries and Australia have tentatively agreed to set a maximum fixed price for Russian oil by the end of November.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.