US Sanctions on Russian Oil to Leave More Cargoes at Sea with No Buyers

[Sherman A1]

The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to make much difference to disarray in Russian oil trade, analysts said on Tuesday.

U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine and Britain said it would phase out imports through the end of 2022.

The European Union did not join the ban because it is more dependent on Russian oil and gas supplies. Gas flows to Europe have so far been steady since the invasion, which Russia calls a "special military operation", but Moscow on Monday warned that sanctions on Russian oil could prompt it to close a major gas pipeline to Europe.

Existing disruption to oil trade, caused by traders steering clear of Russian supplies due to concern they may unwittingly fall foul of sanctions imposed on Russia, is likely to worsen after the U.S. ban, traders said. Buyers will also be concerned about the kind of reputational hit that Shell took at the weekend for buying Russian oil.

https://www.marinelink.com/news/us-sanctions-russian-oil-leave-cargoes-494893

[Submariner]

1. If the bridge crew is Russian

this would be an opportune time to defect to the U.S. and give us the tanker and its oil.