Russian oil shipped to Asia in Chinese supertankers amid ship shortage

terminal, in Matanzas, Cuba, July 16, 2022. [Alexandre Meneghini/ Reuters]

At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance.

China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine.

The sources said a fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers.

All five shipments were scheduled between December 22 and January 23, according to the sources and Eikon ship tracking data.

The G7 price cap...

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