Price of russian oil delivery soars after Biden’s farewell sanctions – Bloomberg

The cost of transporting russian oil has risen sharply after U.S. sanctions hit ships and insurers serving moscow’s trade.

Ekonomichna Pravda reported this with reference to Bloomberg.

It is noted that the transportation of one million barrels of Urals oil from Novorossiysk to India has risen to USD 7.9 million, while at the end of 2023 this tariff was USD 5.6 million. This is more than twice as expensive as the freight of a similar tanker without russian cargo.

The increase in rates is associated with US sanctions in January, which limited russia’s access to the tanker fleet, insurance services and intermediaries.

This has created difficulties with the transportation of oil, which affects moscow’s revenues.

In addition, Urals oil prices have also fallen: last week a barrel cost USD 57.97 in Primorsk and USD 58.32 in Novorossiysk, which is below the ceiling of USD 60 set by the G7 countries.

As the Ukrainian News agency earlier reported, on January 10, the US Treasury Department announced the introduction of new sanctions against russia.

The restrictions include Gazprom Neft and Surgutneftegaz, tankers of the "shadow fleet", oil traders and a number of companies.

The new sanctions of the United States of America affected 143 tankers from the so-called "shadow fleet", with the help of which the aggressor country exports oil bypassing restrictions.

In 2024, these tankers provided more than 40% of oil exports by sea.