A group of Western insurers has said that the price cap on Russian oil imposed by Western countries is not working. This was reported by Reuters.
Reuters recalled that the “price ceiling” allows Western shippers and insurers to participate in the Russian oil trade as long as the energy resource is sold at a price below $60 per barrel.
According to the international group P&I Club, the price cap has had little success because Russia has moved to its own fleet. It also uses tankers that are not supervised by the West.
“The oil price cap is becoming increasingly unworkable as more ships and related services move into this parallel trade. According to our estimates, about 800 tankers have already left International Group clubs as a result of the oil price cap,” the agency quotes a statement of the P&I Club group.
The P&I Club Group is a mutual insurance association that provides risk pooling, information and representation for its members.
We will remind, earlier American journalist Tucker Carlson said that US sanctions against Russia contradict the notion of a “rules-based world order”.
