G7 targets Russian access to tanker insurance
Group wants to cut Moscow’s hydrocarbon revenues, but even the most stringent sanctions have their limits out at sea
The G7 group of industrialised nations wants to use the shipping market’s insurance providers to reduce Russia’s oil and gas revenues. But while the proposals would limit Russia’s access to tankers, Moscow will likely be able to find ways around the restrictions. A leaders’ communique states that the G7 is considering “a range of approaches” for oil, “including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners”. Those services include insurance coverage, which in the freight sector i
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind