MNI BRIEF: EU Parliament Backs Von Der Leyen For 2nd Term

MNI: ECB LEAVES KEY DEPOSIT RATE UNCHANGED AT 3.75%

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

MNI BRIEF: China Third Plenum Expands International Opening

Employment Insurance Rises In May After Stable Trend, Up 14% YOY

MNI: US JUL PHILADELPHIA FED MFG INDEX 13.9

MNI: US JOBLESS CLAIMS +20K TO 243K IN JUL 13 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Key Insurer Says Russia Oil Price Cap Increasingly Unenforceable

OIL
Energy BulletsHomepageBulletCommodities

The G7 price cap on Russian oil is becoming increasingly unenforceable, according to the International Group of P&I Clubs, cited by Bloomberg.

  • Around 800 tankers were previously covered by member organisations of the group but have since migrated to what is known as the “shadow fleet,” the club said in a written submission to a UK government inquiry on the effectiveness of sanctions on Russia.
  • In addition, there is no way for insurers to check whether traders are genuinely sticking to the cap, currently set at $60/b.
  • The group is also worried that the increasing responsibilities and obligations in companies within the G7 will cause further migration of trade outside the G7.
  • In April, just 16% of all Russian cargoes were covered by members of the International Group, an umbrella organisation for 12 individual clubs around the world.

Keep reading...Show less
139 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The G7 price cap on Russian oil is becoming increasingly unenforceable, according to the International Group of P&I Clubs, cited by Bloomberg.

  • Around 800 tankers were previously covered by member organisations of the group but have since migrated to what is known as the “shadow fleet,” the club said in a written submission to a UK government inquiry on the effectiveness of sanctions on Russia.
  • In addition, there is no way for insurers to check whether traders are genuinely sticking to the cap, currently set at $60/b.
  • The group is also worried that the increasing responsibilities and obligations in companies within the G7 will cause further migration of trade outside the G7.
  • In April, just 16% of all Russian cargoes were covered by members of the International Group, an umbrella organisation for 12 individual clubs around the world.

Keep reading...Show less