Two tankers with Russian oil stuck near the Suez Canal due to sanctions

Two tankers carrying Russian oil have been unable to find buyers in the wake of tougher Western sanctions and have been anchored in the Suez Canal for more than a week.

The two vessels, the Sikar and Monte 1, are carrying about 1.5 million barrels of Russian Urals crude, Reuters reported.

Both tankers were loaded in early October in the Baltic port of Primorsk and have not delivered their cargo to their final customers since.

The Sikar tanker, after loading on October 6, stopped in the Mediterranean Sea near the entrance to the Suez Canal on October 24 and remains anchored to this day. Its destination is listed as Port Said. The Monte 1, which left Primorsk on October 7, transited the canal on October 30 and is currently anchored in the Red Sea.

Both tankers fly the Gambian flag. Sikar is operated by Glory Shipping HK Ltd, while Monte 1 is operated by Mariam Ship Management Service. Reuters could not immediately reach the shipowners for comment.

Experts say the suspension of these vessels reflects growing logistical and commercial difficulties for Russian oil exports. After the latest round of US and EU sanctions, which first hit Rosneft and Lukoil, Russian oil in Asia is trading at its biggest discount to Brent in a year. Even Indian and Chinese refineries are cutting purchases, the agency said.

USM previously reported that the port of Baku refused to handle Russian oil from Lukoil after US sanctions.