7 tankers complying with the price cap sailed from Russia

According to British journal Lloyd's List, 7 loaded Suezmax vessels sailed from Russia. The price of oil on these vessels complies with a price cap at $60 per barrel, which was set by the Group of Seven (G-7).

These data were confirmed during the inspection. All of the vessels turned out to be insured with the International Group of P&I Clubs, which requires compliance with the established price ceiling. If the price of exported oil exceeded $60 per barrel, vessels would be denied insurance.

In early December, Turkey demanded oil tankers crossing its sea straits to provide information on their proper insurance. Therefore, since December 1, 2022, all vessels transporting oil through Bosphorus and Dardanelles are obliged to provide exact insurance data on vessels and cargo transported in writing.

American business news channel CNBC stated that Turkey’s new requirement became a struggle for Russian tankers. The obligation to follow these rules of oil transportation led to serious delays in supplies.