Russian Crude Oil Bound for India Stuck in South Korea and Malaysia

Since the West intensified sanctions, about 15 million barrels of Russian crude oil have reportedly remained off the coasts of South Korea and Malaysia, unable to reach India.

[Image source=Pixabay]

According to Bloomberg on the 20th, currently, 12 oil tankers carrying this amount of Russian crude oil are anchored, and tracking data shows that most of these vessels have not moved for over a month.

Originally, these tankers were carrying Sokol crude oil produced in Sakhalin, Russia, and were heading to India, but since the end of last year, they have been stranded in places like South Korea due to payment issues related to Western sanctions. This situation is said to have resulted from the strengthening of sanctions by the West, including the United States.

Bloomberg reported that since Sokol crude oil has been trading at over $70 per barrel, higher than the price cap, the U.S. Treasury Department has begun closely monitoring related shipments and taking a tougher stance against sales that violate the price cap.

India, which has maintained neutrality in the Russia-Ukraine war, has not participated in sanctions against Russia and has actively imported Russian crude oil. In particular, India is the largest importer of Sakhalin Sokol crude oil. Sokol crude accounts for about 10% of the Russian crude oil imported by India. If imports of Sokol crude do not normalize, it is expected to be difficult for India's imports of Russian crude oil to return to previous levels.

This content was produced with the assistance of AI translation services.