Sanctions Stranglehold: Oil Tankers Stationary as Tensions Rise

At least 65 oil tankers have ceased movement near China, Russia, and other locations following the U.S. sanctions announcement on January 10. The sanctions target Russian oil producers and vessels amid the ongoing conflict in Ukraine, further halting global oil trade impacted by previous restrictions.

At least 65 oil tankers have come to a standstill at various strategic locations, including China and Russia, following a new sanctions package announced by the United States on January 10. Data from ship tracking services revealed this development on Monday.

Among these stationary vessels, five are near Chinese ports and seven are near Singapore, while others have paused near Russia's Baltic Sea and Far East regions, according to an analysis by Reuters using MarineTraffic and LSEG ship tracking data. The U.S. Treasury on Friday imposed sanctions targeting Russian oil firms like Gazprom Neft and Surgutneftegaz and 183 vessels involved in transporting Russian oil, aiming to curb revenues funding Moscow's war efforts in Ukraine.

This trading halt adds to existing pressures from former U.S. sanctions, which had already impacted 25 other oil tankers around the world, including near Iranian ports and the Suez Canal, as shown by ship tracking analysis on the same day.

(With inputs from agencies.)