Russian Crude Oil Piles Up Near Chinese Coast After US Sanctions

By Serene Cheong

Jan 15, 2025 (Bloomberg) –The amount of oil stranded off the Chinese coast is growing as traders, refiners and shipping companies try to avoid being caught up in the US’s strictest-ever sanctions on Russian energy flows. 

Five tankers carrying almost 4 million barrels of ESPO and Sokol crude from the Russian Far East that should have delivered their cargoes by now are idling in Chinese waters, according to ship-tracking data from Bloomberg and Kpler. Four of those vessels were sanctioned by the US.

Companies involved in the Russian oil trade have been scrambling for solutions since Washington sanctioned more than 180 tankers, as well as traders and insurers, on Friday. While there’s a wind-down period in which crude can be offloaded before the penalties take effect, many ports in Shandong province, a hub for independent refiners, are wary of handlin…