Key report takeaways:

• Sanctions impact muted as Asia’s Russian crude imports rise; China’s record Sokol imports supported by 40% SCF utilisation

• Sokol floating storage plummets as barrels arrive in China; one Sokol-laden tanker in November remains in floating storage

• Almost half of China’s Sokol imports in March are from sanctioned tankers diverted from India; one tanker laden for six months

• Reliance stopping Russian crude imports on SCF fleet only impacts 5% of India’s total Russian crude imports

• Russian crude exports on SCF fleet to India decline 300kbd from 2023 average; exports on SCF fleet shift towards China

• Urals diversion spotted after Indian refiners’ voice shifting preferences, but plenty cargo still moving as usual