Two Russian Oil Tankers Anchor at Sea Amid Sanctions Challenges

Impact of Sanctions on Russian Oil Exports

MOSCOW (Reuters) -Two tankers carrying around 1.5 million barrels of Russian Urals crude have dropped anchor at sea on either end of the Suez Canal, in an apparent sign of the difficulty Moscow is having selling oil after Western sanctions were tightened last month.

Current Status of Tankers

The vessels Sikar and Monte 1 were both loaded with oil from Russia’s Baltic port of Primorsk in early October and have remained anchored near the canal for over a week, according to tracking data from LSEG and OilX.

Market Reactions and Price Trends

The United States and European Union have tightened sanctions against Russia’s oil sector, aiming to push Moscow toward peace negotiations over Ukraine.

Logistical Challenges for Exporters

The latest U.S. measures target Russia's two biggest oil companies, Rosneft and Lukoil, for the first time. Together the two companies account for around 5% of global oil supply.

As a result, Russian crude is trading in Asia at its steepest discount to Brent for a year, with Indian and Chinese refiners reportedly cutting back on purchases.

According to OilX and LSEG, the Sikar, which loaded on Oct. 6, stopped in the Mediterranean near the entrance of the Suez Canal on Oct. 24 and has remained at anchor since. Its destination is listed as Port Said.

The Monte 1, which loaded on Oct. 7, according to LSEG, passed through the canal on Oct. 30 and is anchored in the Red Sea.

Reuters was not able to determine the supplier or seller of oil carried by the ships.

Both tankers fly under the flag of Gambia. The Sikar is managed by Glory Shipping HK Ltd, while Monte 1 is operated by Mariam Ship Management Service. Reuters was unable to reach either ship manager for comment.

The anchorage of these vessels underscores the growing logistical and commercial strain on Russian oil exports, as sanctions increasingly deter buyers and complicate delivery routes.

(Reporting by Reuters reporters in MOSCOW, additional reporting by Siyi Liu in SINGAPORE and Nerijus Adomaitis in OSLOEditing by Peter Graff)