The share of Western-insured tankers entering Russia fell in February to its lowest level since sanctions began, as two insurance clubs seized 18 ships from a “shadow” fleet of anonymous old ships. This is reported by enkorr.
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According to data from Lloyd's List Intelligence and Vortexa, out of more than 300 tankers whose loading in Russian ports was monitored last month, only 39 % had P&I cover with the International Group of 12 clubs.
Marine insurance in the International Group is seen as an interim measure of tankers' compliance with G7 price caps on Russian oil exports, introduced 14 months ago to limit revenue flows to the Kremlin, avoiding however, price shocks.
Insurance for the remaining 61% of tankers entering Russia last month was unknown, with the number of tankers meeting cap requirements steadily decreasing over the past five months.
< p>This is due to a crackdown by regulators in Europe, the US and the UK to circumvent sanctions, with more than 100 tankers visiting Russia since November being targeted by registered shipowners, operators and ship managers.
Recall
< p style="margin-bottom: 20px;">The Ministry of Finance wrote that increased US sanctions are worsening India's oil trade with Russia, forcing refiners to consider other supplies.