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Three oil tankers are stuck off the coast of China

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Three tankers with Russian crude oil are stuck off the coast of China due to the latest US sanctions, Bloomberg reported on Monday. Sanctions on tankers carrying two million barrels of oil were imposed last Friday.

Two ships, Huihai Pacific and Mermar, were sailing under the Panamanian flag, and a tanker called Olia was flying the Gabon flag. Friday's sanctions package listed them among 183 entities belonging to the so-called shadow fleet, carrying Russian oil at prices above the agreed ceiling of $60 a barrel.

Their target was Chinese ports

All three ships departed in early January from the Russian oil port of Kozmino, 85 kilometers southeast of Vladivostok. Their target was ports in the Chinese province of Shandong, where many refineries are located, receiving crude oil from countries subject to the American embargo.

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Administration representatives implement sanctions USA They emphasized that this, the strictest package of restrictions imposed so far, should result in Russia losses amounting to billions of dollars per month.

Reuters reported on January 8 that the Shandong group, which operates major ports on the eastern coast of the People's Republic of China, has banned tankers subject to sanctions from entering there. Through these ports to China oil is imported from Russia, Iran and Venezuela.

Sanctions imposed on Russia

Since the launch of Russia's full-scale invasion of… Ukraine February 24, 2022 The EU imposed wide-ranging sanctions on Russia.

As part of economic sanctions, the EU has introduced a number of import and export restrictions against Russia. European entities cannot sell certain products to Russia (due to export restrictions), and Russian entities cannot sell certain products to the EU (due to import restrictions), we read on the website of the Council of the European Union.

According to the European Commission, from February 2022, the EU has banned the export of goods worth over EUR 48 billion to Russia and the import of goods from Russia to the EU worth EUR 91.2 billion. This means that compared to 2021, the embargo currently applies to 54%. exports and 58 percent import.

The list of embargoed products includes:

– state of the art technologies (e.g. quantum computers, advanced semiconductors, electronic components and software); – specific goods and technologies needed for oil refining;
– equipment, technology and services used in energy industry;
– goods and technology aviation and space industry (e.g. aircraft, aircraft engines, spare parts and all types of equipment for airplanes and helicopters, jet fuel); – equipment for maritime navigation and radio communications technology; – row dual-use products (which can be used for both civilian and military purposes), such as drone engines and software or encryption devices;
– luxury goods (e.g. cars, watches or jewelry); – weapons and related materials of all kinds, including civilian firearms and their parts, chemicals, generators and thermostats; – IT, electronic and optical components; – cameras, lenses, toy drones, laptops and hard drives.

EU, G7 and Australia they also introduced a price cap on oil from Russia imported by sea at $60 per barrel. It came into force on December 5, 2022. The restrictions are intended to make financing more difficult for Russia war in Ukrainewhile maintaining the stability of energy supplies in the world.

Main photo source: Shutterstock



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