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Growing Shadow Fleet Makes Oil Price Cap Impossible to Police
UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government. The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap. Furthermore, the group said, it is impossible for an insurance company to determine whether traders are adhering to the G7 price cap, noting that the policy “appears increasingly ... (full story)