Russian oil tankers list Singapore as destination amid sanctions and shift to China

AI Summary
Russian oil tankers are increasingly listing Singapore as their destination, with January seeing a surge to 1.4 million metric tons, the highest in recent years. While Singapore doesn't import Russian oil due to sanction risks, its waters are used for ship-to-ship transfers. Traders believe this destination is often a placeholder to obscure the final buyers, with cargo frequently discharged near Malaysia or transferred to floating storage. This shift reflects growing difficulties in selling Russian oil and a shrinking pool of buyers, particularly as India reduces imports following a trade deal with the US. China is now Russia's main customer for oil exports.
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