Of the 50 tankers that have been subject to US sanctions since October 10, 2023, about half have stopped transporting oil from Russia. This indicates that the tightening of restrictions makes it possible to put pressure on Moscow, Bloomberg writes, UNN reports .
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It is noted that in December 2022, the G7 countries set a ceiling oil price of $60 per barrel, which was supposed to preserve the Russian oil market while depriving the Kremlin of petrodollars.
Limits on oil products were introduced two months later. Last year, this system was heavily criticized as Moscow found workarounds and some Western companies continued to transport domestic oil - which they should not have done when barrels were trading above the threshold.
The US responded by tightening sanctions and investigating possible price cap violations, which put many Greek tanker owners out of business. This resulted in an increase in freight costs and a rise in discounts to international quotations
All the vessels currently under sanctions have been listed for violating the price cap.
This month, an updated version of the price cap will come into effect, requiring shipowners and insurers to request more detailed information on how much traders actually pay for cargo and related shipping costs.
In recent weeks, insurers have published circulars stating that insurance coverage will not be valid unless they receive proof of compliance with a price cap, including detailed additional costs.