The cost of transporting oil from the Russian Federation to China has increased more than 3 times

The cost of delivering oil from Russia to China after sanctions increased from $1.5 million to 5-5.5 million.

This was reported by Bloomberg on Thursday, January 16, with traders expecting further growth. Agency notes sharp rise in oil transportation prices from Russia to China after the introduction by Washington new sanctions against the oil sector and the shadow fleet of the Russian Federation. Freight price for transporting Russian oil ESPO from the Far Eastern port of Kozmino to China has more than tripled – up to $5.5 million.

The agency refers to traders familiar with the transportation of oil along this route and who provided information on condition of anonymity. Most of the tankers plying the Kozmino-China route are Aframax vessels and are capable of transporting up to 750 thousand barrels of oil, Bloomberg notes.

Previously reportedthat after the introduction of new US sanctions 10% of Russian shadow fleet tankers are stuck at seatransporting oil worth more than $3.5 billion. These ships cannot load oil shipped from the Russian Federation over the last two and a half weeks. According to Reuters, At least 65 tankers with Russian oil are drifting off the coast of China, Singapore and the Russian Federation.

In total there are currently restrictions 183 tankers under the flags of different countries. They are allegedly transporting Russian oil and petroleum products in violation of Western sanctions imposed due to the ongoing Russian war against Ukraine. According to analysts, About 10% of the world's oil tanker fleet is already under sanctions.