2020 ship fuel overhaul will cost Russian oil firms billions

© Aleksandr Gerasimov

Rules mandating cleaner shipping fuels – set to take effect from 2020 – will hit Russia’s wallet. The country is the world’s largest exporter of high-sulphur oil and, according to Bloomberg, it does not look prepared for the change. Unlike its competitors in Europe and the US, which have braced themselves and made necessary changes, Russian companies have reportedly done very little. One analyst said the country had no chance of being fully prepared and would be forced to sell its oil at a “widening discount”.