GENERICO.ruEconomicsRestrictions on oil prices from Russia have strengthened the shadow transportation market

Restrictions on oil prices from Russia have strengthened the shadow transportation market

MOSCOW, April 30 An international group of insurers has complained that the cap on Russian oil prices imposed by the G7 countries has actually led to an increase in the shadow economy. maritime transport market.
A statement from the London-based International Group of P&I Clubs was presented as a document at a parliamentary hearing in the UK on Tuesday.

According to insurers, the growth of shadow markets is a direct consequence of the sanctions regime, which imposes strict compliance obligations on organizations operating within the G7, while at the same time providing freedom to operate legally outside this framework.

“Therefore, capping oil prices is becoming increasingly unfeasible as more ships and related services are drawn into this shadow trade,” the statement posted by on the British Parliament website.
According to the International Group of P&I Clubs, due to restrictions on the price of Russian oil, about 800 tankers have already left this international club.
The international group of P&I clubs includes 12 insurers, providing insurance for approximately 87% of the world's ocean tonnage.

Earlier, in a statement following a meeting in the Italian city of Capri, the foreign ministers of the G7 countries will continue to take measures to tighten compliance with Russian oil price restrictions.

Oil sanctions by Western countries against the Russian Federation came into force on December 5, 2022: the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU introduced a price limit for oil transport by sea at $60 per barrel – it is prohibited to transport and insure more expensive oil. In response, Russian President Vladimir Putin by decree prohibited, from February 1, 2023, the supply of oil to foreign parties if the contracts directly or indirectly provide for the use of a mechanism for fixing the maximum price.
The Russian Federation has repeatedly stated that the country will cope with the sanctions pressure that the West began to exert on Russia several years ago and continues to increase. Moscow noted that the West lacks the courage to admit the failure of sanctions against the Russian Federation. In Western countries themselves, opinions have been repeatedly voiced that anti-Russian sanctions are ineffective. Putin has previously said that the policy of containing and weakening Russia is the West's long-term strategy, and sanctions have dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people.

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