Owners of oil tankers are en mass refusing to transport Russian ESPO oil from the Far East ports because of the EU oil embargo, which came into force recently.
According to Russian media, the tanker owners are wary of loading the supplied ESPO oil.
This is connected with the price of ESPO oil exceeding the price of 60 dollars/barrel set within the price ceiling of Western countries.
Once again the restrictions came into force on December 5th, and in the first 10 days at the port of Kozmino, twice as much oil was loaded on tankers as compared to the same period a month ago: 4.4 million barrels against 8.8 million barrels.
No such problems have been reported with Urals oil, Russia's main export brand, which may be due to the fact that it sells for less than $60 a barrel.
According to "Bloomberg", at least two large ship owners - China's "China Cosco Shipping Corp" and Greece's "Avin International" have already refused to send Russian oil to ESPO after December 5.
Of course, smaller companies may take their place, but if difficulties with insurance and payment for delivery continue to grow, there is a high risk of further decline in oil exports from the Far East.
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