Reuters

Rosneft moves toward tanker chartering as EU ban looms

MOSCOW/NEW DELHI (Reuters) – Russia’s biggest oil exporter, Rosneft, has expanded its tanker chartering business to facilitate oil shipments for buyers amid looming Western sanctions over the insurance of Russian oil shipments. said three sources familiar with the matter. Previously, state-controlled Rosneft, which produces more than 40% of Russia’s oil, sold its oil at the loading port, which meant the buyer had to find tankers and handle freight and insurance costs for the trip. But with new, tougher Western sanctions looming, Rosneft’s customers are asking the company to handle delivery to the final destination at the cost of insurance and freight, the three sources familiar with the matter said.