Russia's oil industry is facing increasing challenges in circumventing international sanctions, particularly with the $60 oil price cap, as a significant portion of its tanker fleet, approximately 800 vessels, has shifted to a shadow fleet outside Western insurance and oversight. This migration, previously covered by the International Group of P&I Clubs, has led to only 16% of Russian oil flows having IG coverage as of April. Concurrently, Russia's state-owned oil tanker company has been renaming its vessels following US sanctions, and Moscow continues to test the limits of these sanctions by maintaining seaborne oil exports above the year-to-date average despite a recent decline. Moreover, there are reports of dangerous transfers of sanctioned oil in the Baltic Sea, with some tankers also serving double-duty as spy ships.
Russia's seaborne oil exports fell for a second week, but remained above their year-to-date average, as Moscow tests the limits of US sanctions on its tankers, writes @JLeeEnegy https://t.co/UEcoroMngz
Russia's seaborne oil exports fell for a second week, but remained above their year-to-date average, as Moscow tests the limits of US sanctions on its tankers, writes @JLeeEnegy https://t.co/WekXDKh8i4
US extends authorization for some energy transactions otherwise subject to Russia sanctions https://t.co/d1xnnWYf3S
Russia’s state-owned oil tanker company renamed some of its ships following sanctions by the US https://t.co/LYVCUphAdx
Russia’s Shadow Fleet Goes Rogue. Dangerous transfers of sanction-dodging Russian oil in the Baltic Sea. All while doing double-duty as spy ships. Another important piece by @elisabethbraw, your go-to analyst on Russian bad behavior in the North of Europe.…
Key Insurer Says Russia Oil Price Cap Increasingly Unenforceable - Just 16% of all Russia oil flows had IG cover in April - Moscow is moving its fleet away from western oversight #OOTT https://t.co/xODC6vxzxY
🇷🇺 About 800 oil tankers that were previously insured by International Group of P&I Clubs migrated into Russia's shadow-fleet Result? $60 oil price cap is becoming increasingly unenforceable https://t.co/dGaw7YZYbi