Oil exports from the busiest port of Russia are not burdened by sanctions.
None of the 16 tankers that loaded ESPO oil from the eastern port of Kozmino were on the US sanctions list after Washington expanded restrictions early last month.
Oil supplies from Russia’s largest Pacific port remain stable, despite new US sanctions. Crude oil exports from the port of Kozmino remain stable as shippers and traders work to circumvent US sanctions by attracting new vessels. This was reported by Bloomberg on Wednesday, February 19.
Between January 30 and February 16, none of the 16 tankers that exported ESPO oil from the port of Kozmino were on the US sanctions list, according to data from Bloomberg and Kpler. Eight of them have never carried this type of oil before.
Many of the new tankers fly the flags of Panama, the Cook Islands, Sierra Leone and Djibouti. Almost all of the Russian oil is headed to China, particularly to the ports of Dongying, Huizhou and Dongjiakou. Most of the vessels are owned by companies registered in Shanghai, Hong Kong and the Seychelles, according to Equasis data.
The oil market is closely watching how Russia continues to supply oil to global markets, especially against the backdrop of direct talks between the Trump administration and Moscow in Saudi Arabia on a potential settlement of Russia’s war in Ukraine. This raises questions about whether sanctions could be eased.
After the tightening of US sanctions, rates for transporting oil from Kozmino to Asia first rose sharply, then partially stabilized. The cost of a trip to China now stands at around $5 million, up from $1.5 million before January 10.
Previously, one of China’s largest port operators, Shandong Port Group, banned tankers under US sanctions from entering its ports in the eastern Chinese province of Shandong on Monday, January 6.