U.S. Sanctions on Russia’s Crude Create Chaos in Global Oil Trade

Last month’s U.S. sanctions on Russian oil exports have upended global oil trade as Asia rushes to cover Russian barrels with alternative supply and tanker rates soar amid significantly decreased availability of non-sanctioned vessels. The Biden Administration’s farewell sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from Kozmino to China’s independent refiners. Many of the vessels, specialized tankers, and shuttle tankers transporting…