August 12, 2022 [Reuters] – The European Union’s ban on Russian fuel imports is likely to actually increase the world’s need for oil tankers, according to vessel owner Torm A/S.

Seaborne arrivals of crude from Russia into the EU will be outlawed from early December, and imports of diesel, jet fuel and other oil products will be banned a couple of months after. That means the region will have to bring in replacement supplies from farther away, while Russian barrels will also have to find new homes.

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