The largest Chinese company refused to transport Russian oil

China’s largest shipping company, China Cosco Shipping Corp, refused to transport Russian oil due to the coming force of the oil price ceiling and sanctions imposed by the G7 and EU countries. Bloomberg reports it.

Photo: Argus Media

Major shipping companies of the world refused to export oil to Russia

According to the agency, there are signs that tanker owners are afraid to load Russian oil in the port of Kozmino.

As noted, 4.4 million barrels of oil were loaded in Kozmino within ten days of the restrictions on tankers, while 8.8 million barrels were loaded during the same period last month.

The publication reports that since the introduction of restrictions on oil exports by ESPO, the figure has decreased by half compared to the previous month.

Major shipping companies and traders have also noted that Russian ESPO sellers have difficulty securing tankers to export oil. This is because two significant and well-known shipowners, China Cosco Shipping and Greek Avin International, refused to transport ESPO oil.

The publication adds that at least five tankers have dropped out of the regular pool of ships carrying this Far Eastern oil grade oil.

At the same time, it is noted that if charterers continue to face obstacles when booking tankers, it may complicate the trade process.

EU countries set the maximum price of Russian oil at $ 60 per barrel

In early December, the EU members agreed on a ceiling price for Russian oil at $ 60 per barrel.

All 32 states will provide services related to Russian tanker oil only if purchased at $ 60 per barrel or lower.

In addition, it is noted that the price of Russian oil will be revised every two months to be lower than the market price.

Also, on December 5, oil sanctions of the European Union against Russia came into force. EU countries stopped buying Russian oil transported by sea. The only exception was oil pumped through oil pipelines.

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