FREIGHT
The UK announced wide ranging sanctions on Russia, including a first attempt to crack down on the shadow fleet of tankers moving Russia’s oil, according to Bloomberg
- The measures target four oil tankers that are helping Russia to circumvent Western sanctions, in addition to Ingosstrakh Insurance which is providing them with cover.
- The G7’s efforts are aimed at cracking down on Russia’s ability to evade the G7 price cap, which limits the sale of its crude cargoes to a maximum of $60/b if they are to use western service providers.
- Russia has been moving to use of a shadow fleet of tankers, which tend to be older and less maintained.
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