Russia’s oil shipments through the Arctic Ocean are encountering increasing delays because of US sanctions, Bloomberg reports.
“Ocean-going tankers have taken almost three weeks longer this year than last to deliver crude oil to northern China from Russia’s Arctic and Baltic Sea ports via the Northern Sea Route (NSR). The average voyage, from loading to discharge, has lasted about seven weeks this year, with several ships still to complete their deliveries. All those deployed are under sanctions from the US Office of Foreign Assets Control. The increased voyage times contrast with those via the Suez Canal, which have risen only slightly. Most of those shipments are made on vessels that haven’t been targeted by the US,” agency writes.
Last month, Washington added two major Russian producers, Rosneft and LUKOIL, to the sanctions list.
The NSR, which goes along the Arctic coast of Russia, should provide faster delivery to northern China than the usual route through the Suez Canal. Using the northern route reduces the voyage duration from Murmansk almost by half, and from the Baltic ports of Primorsk and Ust-Luga - by 30%.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
