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Russian tankers that would normally carry oil to European customers are instead being rerouted through the Arctic to China, according to an OilPrice report Friday.
“Russia sent two initial crude oil shipments to China in mid-July, with four more oil tankers currently headed the same way via the Arctic, each carrying around 750,000 barrels of crude oil,” the report said.
The Arctic Ocean Northern Sea Route (NSR) is about 30 percent faster for Russian shipments to Asia than the Suez Canal route. The Russians have been contemplating a switch to the NSR for some time, and the Nordic nations have been exploring it as well.
When Europe and the United States imposed sanctions after Russia invaded Ukraine and Europe began what appears to be a permanent move away from depending on Russian oil and gas, the NSR route became more attractive to Moscow.
Interest in Arctic shipping also picked up after the MV Ever Given disaster in March 2021, when a massive cargo ship got stuck in the Suez Canal and blocked a great deal of international shipping for several days.
