The Russian 'Shadow Fleet' Loses Access to Chinese Ports - Media.

The Chinese company Shandong Port Group has closed its ports to tankers of the Russian 'shadow fleet' that are subject to US sanctions.

According to Reuters, Shandong Port Group, which controls major ports on the eastern coast of China, has stopped accepting tankers carrying oil that is under sanctions.

Qingdao, Rizhao, and Yantai are the main terminals for importing oil that is under sanctions. Shandong is the main route for importing oil from Russia, Venezuela, and Iran. However, the ban only applies to tankers of the 'shadow fleet' that are subject to US sanctions.

According to traders, such a prohibitive measure will lead to increased costs for delivering Russian oil for independent oil refiners in Shandong, however, it is limited only to entities that are subject to sanctions. Most tankers of the 'shadow fleet' have still avoided sanctions.

According to the firm Lloyd's List Intelligence, the active shadow fleet carrying Iranian, Russian, and Venezuelan oil consists of about 669 tankers, of which 250-300 tankers are related to Russian oil. Additionally, Russian oil is also transported by the Russian 'Sovcomflot'.

However, Reuters reports that the Biden administration plans to impose sanctions on over 100 more tankers that carry Russian oil.