Three tankers carrying Sokol crude oil, previously stranded due to Western sanctions making Russian oil shipping more challenging, are now headed toward China and India. The sanctions, imposed after Russia’s 2022 invasion of Ukraine, caused significant disruptions in Moscow’s oil trade, leaving over ten million barrels of Sokol in seaborne storage for the past three months. Greek shipping companies Minerva Marine, Thenamaris, and TMS Tankers, previously active in transporting Russian crude, exited the trade to avoid sanctions. India’s imports of Russian crude fell to a yearly low in January, with tankers diverted due to U.S. sanctions. The NS Century and Nellis vessels, stationary since November, are transporting 2.2 million barrels of Sokol to Chinese ports, facing U.S. sanctions for exceeding the $60 per barrel price cap. Viktor Katona of Kpler suggests China as a potential solution for Russia’s Sokol sales issue, noting a reduction in the stranded Sokol volume to 7.5 million barrels.
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