Russia’s invasion of Ukraine has pushed many Western countries to ban Russian crude. As a result, Russia’s massive fleet of oil tankers is being shunned by traders. With fewer tankers available to haul crude, rates have climbed significantly. Since Russia invaded Ukraine, many Western countries have banned Russian crude imports . Now, however, countries and companies are shunning the use of Russia’s massive fleet of oil tankers, which has driven up tanker rates, according to Bloomberg . Shipping analyst Peder Nicolai Jarlsby at Oslo-based Fearnley Securities wrote that Sovcomflot PJSC, a state-controlled company with the largest Aframax-class fleet in the world, has been shunned by global oil traders. The result is fewer oil tankers available to haul crude, which has pushed up tanker rates. Rising freight costs add to inflationary headwinds for the energy market that will only boost costs for refineries and, in return, continue to increase the […]