Maritime Collapse: US Sanctions Paralyze the Movement of Russian Oil Products.
More than 500,000 tons of Russian oil products are stuck on ships that have been sanctioned by the US, reports LSEG. According to Reuters, the new sanctions related to Russia have affected more than 180 ships and insurance companies. They complement the restrictions that were imposed by the United Kingdom and the European Union.
Nine tankers have fallen under the latest US sanctions. Out of them, four are transporting 280,000 tons of heavy fuel oil, and one is carrying 35,000 tons of crude oil. The other four vessels are transporting 160,000 tons of low-sulfur diesel fuel and gasoil.
One of the vessels is unloading in the Brazilian port of Santos, while three others are heading to Turkey. Although there is a transitional period for unloading already agreed shipments, activity in the market has slowed down due to fears of penalties.
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