Shandong Port Group has banned tankers subject to the US sanctions from entering its ports in eastern Chinaʼs Shandong province.
Reuters reports this, citing unnamed traders.
Shandong Port Group controls major ports on Chinaʼs east coast, which are the main terminals for importing sanctioned oil.
Last year, Shandong province imported about 1.74 million barrels of oil per day from Iran, Russia and Venezuela, accounting for about 17% of Chinaʼs imports.
According to the companyʼs decision, "shadow tankers" that have been sanctioned are prohibited from docking, unloading, or receiving other port services at the provinceʼs ports from January 6.
Sanctions for "shadow" tankers will affect, in particular, Qingdao, which is the fifth largest port in China by cargo volume, as well as the ports of Rizhao and Yantai.
Reuters sources previously reported that the Biden administration plans to impose sanctions on more than 100 tankers carrying Russian oil.
Restrictions for Russian oil
In early December 2022, the G7 (“Group of Seven”) members, as well as Australia and the European Union, imposed price caps on Russian oil, setting a maximum price of $60 per barrel. From February 5, 2023, these countries introduced price caps on Russian oil products: $100 for diesel fuel, $45 for various lubricants. To circumvent oil sanctions, Russia began forming a shadow fleet.
In July 2024, British Prime Minister Keir Starmer said that Russiaʼs shadow fleet consists of almost 600 ships and accounts for about 10% of the worldʼs "wet cargo" fleet. Some of the ships of the shadow fleet serve as Russian listening stations, while others transport weapons to Russia. With the help of the shadow fleet, the Russian Federation transports about 1.7 million barrels of oil per day, which brings large profits to the Kremlin. In 2023, Russia earned $188 billion from oil exports.
In December, Ukrainian intelligence collected files on 238 vessels and 31 captains that are part of the shadow fleet used by Russia and Iran to circumvent oil sanctions and deliver sanctioned oil.
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