Exclusive Russia Report: Sanctions impact review of Russian crude flows to Asia
This exclusive Russia report focuses on Russian crude flows to China and India, assessing the impact on flows and freight from recent developments in US sanctions and India’s policy towards Russian tankers.
26 March, 2024
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
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