Russia may decide to delay the implementation of the International Maritime Organization's (IMO) cap on marine fuel sulphur content until 2024.
Russian energy minister Alexander Novak said that he expects the restriction to be delayed in the country's territorial waters, but it will follow the 0.5pc sulphur cap in international waters.
Russia wants to delay the rule because it may increase fuel prices for river and sea vessels that travel within the country's waters and it may place a financial burden on Russian shipowners, Novak said.
This postponement also could affect the other members of the Eurasian Economic Union, including Kazakhstan, which is also a port country, and Armenia, Belarus and Kyrgyzstan.
Argus launched 0.5pc sulphur fuel oil assessments for three Russian ports in February 2019: St Petersburg, Ust-Luga and Novorossiysk. Argus assessed fuel oil 0.5pc sulphur in St Petersburg at $63/t cheaper on average this month compared with Rotterdam, Netherlands.
