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G-7 Aiming to Force Russian Oil Away From Shadow Fleet, UK Government Official Says

  • Sanctions official says west wants to push trade back to G-7
  • Price cap led to large fleet of ships run by mystery firms
A “shadow fleet” of aging tankers is keeping Russian oil flowing. Bloomberg set out to uncover the network of intermediaries working to sell the Kremlin’s oil while getting rich in the process.Source: Bloomberg
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A UK official said that Group of Seven nations are aiming to curb Russia’s ability to use a vast shadow fleet of tankers to deliver its oil, the latest sign of a ramp up in western sanctions on Moscow.

Russia, with the help of mystery traders and shipping companies, assembled a hundreds-strong fleet of tankers to ship its oil following the establishment of a price cap by the Group of Seven nations and its allies. That enabled Moscow to transport oil without using western services like ships, insurance and finance — which was the norm until the war in Ukraine.

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