Russian Oil Freight Rates Soar on Sanctions-Driven Tanker Shortage

MOSCOW, Jan 23 (Reuters) – Freight rates for Russian ESPO Blend oil loading from the Far Eastern port of Kozmino have jumped fivefold amid a lack of vessels after fresh U.S. sanctions cut availability of tankers, three traders said and data showed.

Higher freight costs cut Russian oil sellers’ revenues that are already under pressure from U.S. sanctions and complicated logistics, while a lack of vessels in the region during the winter season may lead to loading disruptions, traders said.

On Jan. 10 the U.S. imposed the toughest sanctions yet on the Russian oil industry, targeting major oil companies, Surgutneftegaz …