From Morningstar:

A panel of House of Lords peers has warned of Russia’s possible use of “shadow tanker fleets” to bypass Western oil price caps. The panel urged the UK and its allies to uphold sanctions and military support for Ukraine as “decisive action” against this. European Affairs Committee articulated concerns of evidence of Russia’s evading of sanctions. The article mentions the imposition of price cap on Russian oil.
The G7, the European Union, and Australia imposed the $60 (£47.37) per barrel price ceiling on Russian oil last year, which was initially successful. Recent assessments show Russia has reduced its dependence on Western shipping services by using shadow fleets and older ships to deliver their exports. Organizations from the EU, G7 member states and Australia are banned from providing maritime transport services above the specified price.
The recent December “Russian Oil Tracker” report by the Kyiv School of Economics estimated that 179 loaded Russian shadow fleet tankers left Russian ports in November 2023. In October 2023, the shadow fleet was responsible for exports of around 2.3 million barrels per day of crude oil and 800,000 million barrels per day of petroleum products. The House of Lords committee welcomed the Western sanctions regime imposed on Moscow since its invasion of Ukraine in 2022. The committee also underscored the risk of “divergence” between sanctions regimes that may weaken their effectiveness.



Read more: Putin Using ‘Shadow’ Tankers to Skirt Oil…