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G7 Plans to Force Russian Oil Away From Shadow Fleet

OIL

The G7 are working to force Russian oil volumes away from the shadow fleet and back onto western service providers, Olga Dimitrescu, head of engagement for the oil price cap at the UK office of Financial Sanctions Implementation said in a podcast.

  • “We’re making it harder for Russia to use its shadow fleet, which in turn would force more volume back into the G-7 fleet where service providers are compliant with the cap,” she said.
  • “In the second quarter, we’ll very likely up the ante on enforcement and continue taking action against actors engaged in deceptive practices. Our overall priority is to tighten compliance and enforcement of the policy mechanism”, she added.
Energy BulletsCommodities
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