Russian oil supplies Asia in Chinese tankers as shortage mounts
AT least four Chinese-owned supertankers are shipping Russian Urals crude to China, as Moscow seeks vessels for exports after a G7 oil price cap restricts the use of Western cargo services and insurance, reports Reuters.
China has continued buying Russian oil despite Western sanctions after Russian president Vladimir Putin and Chinese leader Xi Jinping launched a no-limit partnership before the war in Ukraine.
The sources said a fifth supertanker, or very large crude carrier was shipping crude to India. All five shipments were scheduled between December 22 and January 23.
The G7 price cap from December allows countries outside the EU to import seaborne Russian oil, but restricts shipping, insurance, and re-insurance companies from handling Russian crude cargoes unless sold below the US$60 per barrel cap.
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