Freight rates for Russian ESPO Blend oil loading from the Far Eastern port of Kozmino have jumped fivefold amid a lack of vessels after fresh U.S. sanctions cut availability of tankers, three traders said and data showed.

A national parks employee in Ukraine’s southern Odesa region discovered oil washed up on the coastline, saying that it was likely linked to last month’s oil spill in the Black Sea. Ivan Rusev, the employee who reported the find,

Oil tanker rates jumped on Monday as the Biden Administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.

A tanker subject to the new U.S. sanctions is discharging Russian oil at a port operated by Shandong Port Group in east China, shipping data on LSEG Eikon showed on Thursday.

The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj Jain told reporters at an event.