Bloomberg writes about it with reference to its sources.

Demand for oil storage tanks is growing rapidly in Singapore.

According to the publication's sources, this is due to the fact that exporters mix cheap oil products from Russia with more expensive types of fuel from other sources in Singapore warehouses.

This allows you to hide the origin of oil and increase profits.

According to data from the shipping company Vortexa Ltd, in December 2022, Singapore terminals received twice as much volume of Russian oil and fuel oil than a year earlier.

"Mixed" oil products are likely to be re-exported to markets in Northeast Asia, Bloomberg's interlocutor said.

Singaporean authorities have not officially banned the import of Russian oil, but local financial institutions are not allowed to cooperate with Russian companies.

  • On December 5, an embargo on sea deliveries of Russian oil to the countries of the European Union entered into force, as well as a price ceiling of $60 per barrel for oil from Russia transported by sea.

    The sanctions were imposed in response to the Russian invasion of Ukraine.