The Russian government has introduced new restrictions for foreign oil tankers, prohibiting them from loading oil in key Black Sea ports. This significantly complicates the export of oil from Kazakhstan.

According to Reuters,

the new regulations ban foreign tankers from loading in the main Black Sea ports, adversely affecting oil exports from Kazakhstan that transit through Russian terminals. These limitations will also impact Russian exports from Novorossiysk. Preliminary estimates suggest this could account for over 2% of global oil supplies.

President Vladimir Putin's decree mandates that foreign vessels must obtain permission from the FSB to enter ports. These measures take effect immediately upon the publication of the decree. Companies involved and the Russian Ministry of Transport have refrained from commenting on the situation.

Sources indicate that the issue may be resolved in the coming days. While oil exports through Russian terminals remained stable in July and August, further restrictions could adversely affect supplies.

Markets in the Mediterranean are already strained due to previous loading delays from other regions and infrastructure damage from drone attacks in February.