Reuters: Russian oil is shipped to Asia by Chinese supertankers
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At least four Chinese supertankers are delivering Russian Urals oil to China after the introduction by the EU and G7 countries of the ceiling on energy prices from Russia, writes Reuters. According to the agency, another ship was heading to India.
According to Reuters sources, all five deliveries were scheduled for the period from December 22 to January. Despite Western sanctions, China and India continue to buy Russian oil at a discount, the agency writes.
Price caps that came into effect in December allow non-EU countries to import oil from Russia, but prohibit insurance, ships and any services to transport sea shipments of Russian oil unless contracts for its sale include a price cap of $60. per barrel.
“Given that Urals oil prices are well below the price cap, Urals trading is essentially legal,” said one executive at a Chinese firm involved in the supply. The agency does not give his name.
According to Reuters, Russia sells Indian oil at a discount of $12–15. As Bloomberg clarified, on January 6, Urals traded for $37.80 per barrel, and Brent on the same day cost $78.57 per barrel. Thus, Russia actually became a “hostage” of the two largest buyers – China and India.
The ceiling on Russian oil prices came into effect on December 5 last year. The restrictions were agreed by the countries of the European Union, the G7, Australia and Norway. In turn, the Russian authorities banned supply of oil and oil products to countries that will require compliance with the price ceiling.
What threatens Russia with the low cost of oil – in the material “Kommersant” “The budget is in danger of underfilling”.
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