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Oil Tankers Holding Russia’s Flagship Oil Sit and Do Nothing in the Baltic
Russia’s flagship crude oil is idling on tankers in the Baltic Sea at a time when the nation’s vast petroleum export program is coming under increased sanctions pressure. While there’s no direct evidence sanctions are holding up the shipments, US and UK authorities have since late last year ramped up measures against a slew of firms trading and shipping Russian oil. Four tankers holding about 3 million barrels of Urals crude have now been idling for at least a week near the export terminal of Ust-Luga, ship-tracking data compiled by Bloomberg show. A fifth has been there for six days. Prior to moving to ... (full story)