Shadow fleet

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Photo: REUTERS/Stringer/File Photo
Global Economy

Oil shipping rates surge after US sanctions tighten global fleet

Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new US sanctions on Russian producers and tankers designed to curb the world No. 2 oil exporter's revenue

Plastic letters arranged to read "Sanctions" are placed in front the flag colors of EU and Russia in this illustration taken February 28, 2022. REUTERS/Dado Ruvic/Illustration
Europe

EU adopts new Russia sanctions targeting China, shadow fleet