The international group of insurers P&I (Protection and Indemnity) complained that the price ceiling imposed on Russian oil by the G7 countries actually led to the growth of the shadow market for shipping. This is stated in a statement presented by the London-based International Group of P&I Clubs to parliamentary hearings in the UK. RIA News.
According to insurers, the rise in shadow markets was a direct result of the sanctions regime, which forced G7 companies to strictly comply with the requirements, but also allowed them to operate legally outside these frameworks.
“Therefore, as more ships and related services become involved in this shadow trade, capping oil prices becomes increasingly impossible,” the statement said.
According to the International Group of P&I Clubs, around 800 tankers have already left the club due to price restrictions on Russian oil. This group consists of 12 insurance companies that provide insurance cover to approximately 87% of the world’s merchant fleet.
Earlier, at a meeting in Capri, foreign ministers of the G7 countries announced their intention to pursue measures to tighten compliance with price restrictions on Russian oil.
Western oil sanctions against Russia to behave From December 5, 2022. The EU stopped accepting Russian oil transported by sea, and the G7, Australia and the EU introduced a price ceiling of $60 per barrel for sea transport; More expensive oil is prohibited from being transported and insured. Russia’s response dated February 1, 2023 prohibited Supply of oil to foreign companies if contracts provide for price restrictions.
Previously in the West reputed The price ceiling for Russian oil does not work.
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Source: Gazeta
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