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Russia’s Sokol Oil Cargoes Begin Moving to China and India

OIL

Three tankers with Russian sokol oil, previously stranded at sea due to transaction difficulties due to sanctions, are headed to China and India, according to Kpler cited by Reuters.

  • The three vessels, the NS Century, NS Commander and Nellis, had been at sea since November.
  • The NS Century and NS Nellis are carrying 2.2m bbl of Sokol to Chinese ports. Both tankers are currently subject to fresh sanctions for breaching the $60/b cap.
  • Sources said the buyers were Chinese independent refiners.
  • The NS Commander is not subject to US sanctions is carrying 0.6m bbl of Sokol towards Jamnagar, India.
  • The backlog of sokol tankers has become the biggest disruption to Russia’s oil trade since sanctions were imposed on its industry.
  • Over 10m bbl of sokol have been floating at sea over the past three months.
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