Sanctions do not appear to have restricted the physical flow of Russian diesel and other gasoil to Europe, with around 1mn t (7.46mn bl) in transit. At least one tanker is likely to divert from its present course.
Vortexa data show of the 990,000t in transit from Russia, around 20pc is signalling for France, 19pc for Italy, 17pc for the UK and 10pc for Germany.
Only some of the tankers are chartered or owned by Russian entities. Many are carrying products for international trading companies like Vitol and Trafigura, which buy from Russian suppliers and sell on to European importers.
At least one tanker, carrying diesel to the UK, is liable to be turned away under existing sanctions. Vortexa said the Litasco-chartered STI Clapham is carrying 33,000t of diesel from Vysotsk to Thames for arrival on 8 March. Litasco is 100pc owned by Russian private-sector oil company Lukoil. The UK this week prohibited entry at its ports for any ships owned, controlled, chartered of operated by a sanctioned person, someone connected to Russia, or which fly the Russian flag or are registered in Russia.
The UK transport ministry said ports could fall foul of this legislation if they allowed Russian-chartered vessels to dock, and said at least one Russian-flagged ship has already been turned away from a UK port. British Port Association chief executive Richard Ballantyne told Argus it is his understanding a vessel chartered by a subsidiary of a Russian oil company would not be allowed to dock in the UK, though he could not comment on specifics. He said he would expect such a vessel to be diverted before reaching the UK.
Russian-chartered oil tankers continue to moving towards France and Germany. Vortexa identifies Russia's state-controlled Gazprom as charterer of two Handysize diesel-bearing tankers heading for the ports of Donges and Bremen, and Litasco as charterer of a similar-sized tanker carrying diesel to Dunkirk.
Traders that import diesel to northwest European and usually buy Russian product say it has looked impossible to buy the product at certain times this week, because many banks have been refusing to extend credit for purchase of Russian-origin material. But one said that, where a long-term relationship exists between buyer and seller, it may be possible to agree open credit with the supplier. This means the supplier trusts the buyer will complete payment on receipt of the product.
