UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil
UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russia n oil, Bloomberg News reports, citing a briefing to the UK government. The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russia n oil being sold above the $60 price cap.
Furthermore, the group said, it is impossible for an insurance company to determine whether traders are adhering to the G7 price cap, noting that the policy “appears increasingly unenforceable as more ships and associated services move into this parallel trade,” Bloomberg quoted the group as saying, adding that it “is concerned that increasing responsibility and obligations on companies in the G-7 coalition will result in a further migration of trade activities and ancillary services outside of...
G7 Russia Oil Prices Oil Price Cap Sanctions
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