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Russian business switches to 1990s schemes due to sharp rise in non-payments

Sanctioned Tankers Carrying Russia Oil Now Idling Off China

Three tankers carrying more than 2 million barrels of Russian oil are floating in waters off eastern China after they were sanctioned by the US on Friday, according to ship-tracking data.

The Huihai Pacific was due to arrive at Dongjiakou in Shandong province on Jan. 15, after loading nearly 770,000 barrels of ESPO crude from the Russian Pacific port of Kozmino earlier in the month, according to data intelligence firm Kpler. However, it changed course over the weekend and is now parked offshore and laden with oil.

The ship, alongside many others, was swept up in the most aggressive package of measures targeting Russian oil exports since the invasion of Ukraine in early 2022. Several tankers and at least one trader active in the trade of ESPO, a grade that’s favored by China’s independent refiners, or teapots, were sanctioned.

Facing record losses, Russia’s Gazprom is halving its workforce, cutting headquarters staff from 4,100 to 2,500.

With gas deliveries to Europe nearly halted and only the “Turkish Stream” running at minimal levels, Gazprom’s stock has sunk to historic lows.

Is bankruptcy inevitable?