Growing Shadow Fleet Makes Oil Price Cap Impossible to Police

UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government.  The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap.  Furthermore, the group said, it is impossible for an insurance company to determine whether traders are…