Rosneft tankers “stuck” at sea due to South Korea’s investigation

More than 2 million barrels of Russian oil were “stuck” for more than a week as buyers from South Korea became more cautious following an investigation into Russian imports.

We are talking about ten tankers with Russian oil, some of which were spotted near Oman and Malta, writes Bloomberg.

Traders note that petrochemical producers in South Korea – traditionally the main buyers of the Russian product – are now avoiding direct imports and any shipments of unclear origin, fearing government scrutiny.

“This happened after the country’s authorities launched an investigation into oil imports in March. Before the full-scale war against Ukraine, the Russian Federation was the main supplier of oil to South Korea,” the article says.

According to Kpler, while direct flows have declined since the start of the war, imports from countries such as the United Arab Emirates, Malaysia, Singapore and Tunisia have increased. However, in March 2024, the South Korean authorities began an investigation to check whether oil from the Russian Federation had been relabeled.

Since then, imports from Middle Eastern suppliers such as Kuwait and Oman have also increased. At the same time, the flow of Russian oil to China and Taiwan expanded.

While South Korean refiners and petrochemical companies are allowed to import oil from Russia, they must adhere to a price cap set by the G7 nations that bars access to Western services if the cost of cargo exceeds a certain level. Seoul is not part of the G7, but supports the group’s measures.