Russian officials say rescue workers have successfully removed almost 1,500 tons of oil stranded onboard a tanker that ran aground in December, sparking a devastating oil spill that has damaged miles of coastline along the Black Sea.

New U.S. sanctions on Russian oil exports have caused tanker rates to surge and trade to freeze as shippers scramble for non-sanctioned vessels.

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.

An oil tanker sanctioned in Washington’s harshest round of curbs against Russia’s energy industry has become the first such vessel to dock at the Russian port of Kozmino, where it’s loading a cargo of crude.

Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped,

Russia has continued to send cargoes of crude oil to India on tankers that have been sanctioned by the US, Bloomberg reported on Tuesday. This situation presents a crucial test of Moscow’s ability to circumvent the stringent sanctions implemented by Washington earlier this month.

China and India have stopped trading in Russian oil as US sanctions have caused a sharp rise in tariffs for tanker freight. Source: Reuters Details: According to traders and shipping companies, the trade in Russian oil that was loaded in March has stopped in Asia as a large price gap between buyers and sellers has emerged in China.