Russia's seaborne diesel and gasoil exports rose almost by a quarter in January from December as traders sought to increase supplies before new U.S. sanctions come into effect and amid seasonal low domestic demand, LSEG and market sources data show.
The U.S. Treasury announced sweeping new sanctions against the Russian energy sector on Jan. 10, targeting two major oil companies, dozens of traders and some 180 vessels.
A transition period allows cargoes to be discharged from sanctioned tankers until Feb. 27 and financial transactions with the sanctioned companies to be completed by March 12.
In total, diesel and gasoil exports from Russian ports rose last month to around 4.2 million metric tons, up 24% from December but almost equal to 4.18 million tons in January 2024, Reuters calculations based on LSEG and market sources data showed.
Turkey and Brazil remained the main importers of Russian diesel and gasoil in January, according to shipping data.
Diesel and gasoil exports from Russian ports to Turkey rose last month to 1.6 million tons, up a third from December, while loadings for Brazil increased 17% on a monthly basis to 0.63 million tons.
Russia's January diesel and gasoil exports to African countries stood roughly at December levels of 950,000 tons, with Tunisia, Egypt and Libya among the top importers, shipping data showed.
Meanwhile, tankers carrying around 400,000 tons of Russian diesel are bound for ship-to-ship (STS) transfers near the Italian port of Augusta and the Greek islands. Also, vessels loaded with around 250,000 tons of diesel in Russian ports have their destination marked as "for orders", meaning their discharge points are either not yet known or not declared.
The number of STS loadings and hidden destinations for Russian cargoes could increase in the next few months due to sanctions on the tanker fleet imposed by the U.S., Britain and European Union, traders said.
(Reuters)