Russia Finds Loopholes in Western Oil Sanctions, Boosts Fleet to Evade Restrictions
A recent report by a group of Western insurers has shed light on Russia's ability to circumvent Western oil sanctions, revealing that measures aimed at capping Russian oil prices have proven ineffective and have inadvertently fueled a surge in gray zone activities.
Introduced by the seven most developed industrial countries, including the EU, the cap on Russian oil prices was designed to curtail Kremlin revenue without disrupting global oil trade or causing energy price spikes. However, the cap, which stipulates that deals must be made at prices below 60 USD a barrel for Western shippers and insurers to participate in Russian oil trading, has faced significant challenges.
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