Russia oil embargo, price cap constrains tankers

Russia oil embargo, price cap constrains tankers

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“Moscow is already working on circumventing the ban on insurance by offering its own insurance to potential customers through its state-controlled Russian National Reinsurance Company,” said Edoardo Campanella, analyst at UniCredit Bank.

An executive of an oil shipping company, who wished to remain anonymous, said, “I think it will take at least a week or two to see how the market will act in the light of the price cap”.

He added: “There is a general view that there is enough shipping capacity in what could be called a ‘dark fleet’ or sanctions-indifferent fleet so that Russia can sell its oil regardless of the price cap.

“That means China, India, potentially some Brazil or other parts of the world. Hence it does not need to adhere to the price cap. So there is enough capacity,” the executive told AFP.

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