Russia is transshipping record volumes of Urals crude at sea, Bloomberg writes, citing tanker tracking data. According to the agency, a total of 19 million barrels of crude was probably transshipped at sea in January and December. In January, the volume of such raw materials may reach a record 14 million barrels, the publication said.

In early December, the EU imposed an embargo on maritime oil supplies from Russia, as well as set together with the G7 countries a price ceiling of $60 per barrel, RBC writes. This led to a sharp rise in freight costs. Transshipment ships are allowed to use insurance if crude is sold at $60 or below.

According to Bloomberg, five VLCC supertankers in Ceuta, Spain, are likely to be involved in Urals transshipment. Three ships have already sailed to Asia, while two more are waiting at the Spanish transshipment point.