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Russia Still Relies on Europe to Ship Its Oil Despite Price Cap Breach - Bloomberg

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Russia Relies on Europe to Ship Its Oil Despite Price Cap Breach - Bloomberg

Russia Still Relies on Europe to Ship Its Oil Despite Price Cap Breach

- Moscow is still heavily using European shipping sector: CREA
- G-7 price caps were designed to crimp Russian oil revenue

The G-7 and its allies imposed a cap on Russia’s crude oil exports in December and on refined fuels like gasoline and diesel in February. Photographer: Benjamin Girette/Bloomberg

Russia is still relying on European shipping to transport its oil even as the country’s supplies exceed Group-of-Seven price caps, according to a researcher.

Roughly two-thirds of Russian crude and petroleum products is being transported by vessels insured or owned in nations implementing price caps imposed by the G-7 and its allies, the Helsinki-based Centre for Research on Energy and Clean Air said. That shows Moscow is still heavily using the European shipping industry, it said.

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Russia Still Relies on Europe to Ship Its Oil Despite Price Cap Breach

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