US sanctions tripled the cost of transporting Russian oil to China.

The latest US sanctions against the Russian oil industry have led to a sharp increase in the cost of transporting ESPO oil to China. The delivery cost has surged more than threefold, and traders predict further price increases. Freight rates on the route from the Russian port of Kozmino to Chinese terminals have risen to $5-5.5 million compared to $1.5 million before the sanctions. The US sanctions targeted two Russian companies that account for over 25% of the country's OPEC+ marine oil exports, as well as related insurance companies and traders.

Sources report that the sanctions have significantly impacted the transportation of Russian marine oil. In 2024, ships included in the sanctions lists accounted for 22% of this oil transportation. The sanctions immediately led to the halting of vessels carrying ESPO and 'Sokol' grade oil near the Chinese coast.

Particularly difficult is the situation for Chinese refineries that prefer ESPO due to its convenient logistics. The main carriers on this route are Aframax-class tankers with a capacity of 750,000 barrels (102,300 tons).

The situation is complicated by the fact that prior to the recent US sanctions, port terminals in Shandong province, where most of China's independent oil refineries are concentrated, began restricting the reception of sanctioned vessels after warnings from a major terminal operator.