The Russian oil price cap — a shipping industry users’ guide
The EU has now banned all seaborne Russian crude imports, with a fuel import ban to follow in February. It has also banned companies and individuals in the bloc from providing financing, brokerage, shipping and insurance services to ship Russian oil elsewhere if the crude was bought above a price cap of $60 a barrel that came into effect on Monday
The $60 oil price cap — which comes on top of the EU import ban on Russian seaborne crude oil and oil products, and the corresponding bans of other G7 partners — is intended to reduce the revenues Russia earns from oil. But what does this mean for shipping?