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Russia is looking for new buyers for its oil due to tougher sanctions

Feb 21, 2024

Russia is looking for new buyers for its oil due to tougher sanctions from Western countries. It is noted that a tanker with Russian Urals oil has recently arrived at the coast of Venezuela.

This was reported by Bloomberg.


The Ligera vessel is now located near the Gulf of Amuai, which is connected to the refinery. Last month, the tanker took on board at least 1.7 million barrels of oil by transshipment from ship to ship off southern Greece before heading to Venezuela.

The arrival of the tanker marks the first confirmed Russian oil shipment to the American country in five years. In the past, Venezuela has received foreign oil to dilute its own energy supply and make it easier to export.

The shipment also comes amid Houthi attacks on commercial vessels in the Red Sea. Many ships have been avoiding the Red Sea in an effort to ensure the safety of their crews and cargo.

Urals has previously been shipped to the Caribbean, primarily to Cuba, but these shipments are declining. According to ship tracking data, only two tankers entered Cuba last year, compared to six vessels in 2022.

As a reminder, the G7 countries, the European Union, and partners imposed a price ceiling on Russian oil at $60 per barrel last year. On February 5, 2023, similar restrictions were imposed on the supply of petroleum products from Russia.

Subsequently, Western sanctions resulted in half of Russia's oil and oil products exports in 2023 going to China, while India's share increased to 40% in two years. Europe's share of Russia's oil exports fell tenfold to about 4-5%.

Author – Anastasiya Glotova, 21/02/2024

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