Oil from Russia has become a slow seller. More than 20 huge tankers, currently cruising haphazardly across the world’s seas, are also feeling the consequences. They do not lose their cargo – the oil tanker “Bejing Spirit” even had to make a U-turn in the mid-Atlantic because the copper was rescued from Philadelphia.
The giant oil carrier left Murmansk earlier this month laden with a million barrels of Russian oil. But after more than half the distance, he finally had to make a drastic change of course, the New York Times reports. The US buyer had jumped off and wouldn’t buy the oil, which was worth about $80 million. About 20 other Russian freighters face the same problem.
Landed in Sicily after a bend
Shortly before that, the American president had announced that he wanted to introduce a trade embargo on Russian oil. the ““Beijing Spirit” has finally docked in a port in Sicily – but whether it will be easier to find a new buyer there, is the question.
In addition to the US, Canada, Great Britain and Australia have also imposed or announced sanctions. This is to prevent money from ending up in Moscow’s war chest through exports. In any case, there is talk of an oil embaro in the EU.
Many countries still get oil from Russia – including the EU
The 20 Russian tankers that did not lose their cargo are said to have loaded a total of 8.5 million barrels of Russian oil. Resources revenues are of enormous importance to the Kremlin’s treasury: half of Russia’s state revenues come from commodity exports. Russian companies could now try to disguise the origin of their oil by mixing it with other oil on the country. Or they look for buyers in countries that still want to buy the controversial goods: in addition to the EU, Switzerland has so far refused to miss out on Russian oil.
India increases oil imports from Russia
India, on the other hand, even increased its imports of Russian oil: compared to products from other countries, it is a bargain on the world market. “If the fuel is discounted, why not buy it?” Indian Finance Minister Nirmala Sitharaman told Bloomberg. Imports are up 700 percent since Russia invaded Ukraine.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
