Russian Oil Flow to China Rebounds Amid Sanctions
China's imports of Russian Far East crude and Iranian oil are set to rebound in March as non-sanctioned tankers, drawn by lucrative payoffs, joined the trade replacing vessels under U.S. embargo, traders said. The rebound of sanctioned oil shipments to China is easing supply worries that had boosted global oil prices, they said. Washington's sanctions have disrupted trade with major importers China and India, but new shipping routes and terminals are facilitating access for Russian and Iranian oil.
- The resurgence of illicit ship-to-ship transfers highlights the vulnerabilities in the international maritime industry when faced with crippling sanctions.
- What implications might this development have on global efforts to curb illicit finance flows?