US-sanctioned tanker Victor Bakaev takes Russian crude to China via Arctic route

The US-sanctioned tanker Victor Bakaev is carrying Russian crude to China along the Northern Sea Route, S&P Global reports. The 118,000 dwt vessel, owned by Sovcomflot, loaded 732,000 barrels of Urals crude at Primorsk on 21 July, its first loading since October 2023, and was due at Zhoushan on 19 August. According to S&P Global, OFAC sanctioned the ship for breaching the G7 price cap. The Arctic route shortens the voyage by about a third compared with the Suez Canal, averaging 40 days rather than 50. S&P Global adds that Russia's seaborne crude exports averaged 2.9 million barrels a day in July, the lowest since December 2022.

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