Russian oil producers operating in the Arctic are facing serious problems due to a new round of US sanctions that restrict Arctic oil exports, Reuters reports, citing industry sources. The sanctions, aimed at tankers and storage facilities serving the region, threaten to halt production at major fields including Novoportovskoye and Prirazlomnoye.

At least 15 tankers and two floating storage facilities, the Umba and the Kola, have been hit by the restrictions. The vessels were used to transfer oil from shuttle tankers to larger Aframax or Suezmax vessels bound for overseas buyers. Now companies such as Gazprom Neft and Lukoil are in a difficult situation. Millions of barrels of oil could be trapped in storage facilities with limited capacity and few alternatives for transportation, Reuters sources said.

"The vessels that were sanctioned were specifically built to operate in Arctic conditions. They cannot be quickly replaced or purchased elsewhere," — noted one of the agency’s interlocutors.

At the same time, processing Arctic oil within Russia is difficult: there is no infrastructure for pumping it into the pipeline system, since these grades were originally intended for export.

The total volume of Arctic oil production reaches about 300 thousand barrels per day, which is about 10% of all Russian sea exports. However, key buyers - India and China - have expressed reluctance to accept oil from sanctioned tankers. Indian oil refineries are already considering the possibility of purchasing the American WTI grade, Reuters reports.

The situation is aggravated by the lack of opportunities to quickly adapt to new conditions. Experts note that a slowdown in Arctic oil exports could deal a blow to the entire Russian oil industry, which is already under pressure from restrictions from Western countries.