Stranded at Sea: Russian Oil Tankers Hit Sanction Snags

Two tankers carrying 1.5 million barrels of Russian Urals crude have anchored near the Suez Canal, highlighting the impact of tightened Western sanctions on Russian oil exports. The actions targeting Russia’s major oil firms, Rosneft and Lukoil, have caused logistical challenges and significant price discounts in Asian markets.

Two tankers loaded with approximately 1.5 million barrels of Russian Urals crude are anchored on either side of the Suez Canal, illustrating Moscow's increased difficulties in selling oil following tougher Western sanctions imposed last month.

The vessels, named Sikar and Monte 1, picked up cargo from Russia's Baltic port, Primorsk, and have been idling for over a week as they await a market.

The new sanctions from the U.S. and EU aim to pressure Russia into peace talks over Ukraine, targeting leading oil companies Rosneft and Lukoil, a significant player in global supply. As a result, Russia's crude is trading at a sharp discount in Asia, where refineries are reducing purchases.

(With inputs from agencies.)