Carrying oil in such tankers means that using a price ceiling no longer makes sense, Bloomberg said.
The main condition for meeting the price ceiling for Russian oil at $60 actually stopped applying more than a year after its introduction. Now almost all oil is transported by shadow fleet tankers, using Western insurance, as the International Group of P&I Clubs said, Bloomberg reports, citing a document.
In particular, about 800 tankers, previously insured by members of the group, were transferred to the so-called Russian shadow fleet.
Insurers have almost no way to check whether the traders who still work with them are actually buying oil in accordance with the established price limit.
The publication notes that the Russian oil state tanker company Sovcomflot has renamed some of its ships after US cities after US sanctions. The company remains the world’s largest owner of Aframax tankers, each capable of carrying about 700,000 barrels of oil, according to Clarkson Research Services Ltd., a division of the world’s largest ship broker.
Sovcomflot came under sanctions in February as part of US measures to mark the second anniversary of Russia’s invasion of Ukraine. Fourteen of its tankers were also added to the US Treasury Department’s list of named vessels, bringing the total number of such tankers to 21.
Let’s remember that Russia still has a problem with the oil trade. In particular, the Indian company Reliance refused to supply oil to the Russian Federation using Sovcomflot tankers.
After some time, a message appeared that all Indian companies refused to accept oil from Sovcomflot tankers.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.