The increasing burden of complying with the G7 oil price cap has triggered an exodus of about 800 tankers from the International Group of P&I Clubs.
The 12-strong group told British parliamentarians that the scheme — designed to limit the Kremlin’s revenues to fund its war in Ukraine — is flawed and is proving to be “increasingly unenforceable”.
The rapid growth of a shadow fleet hauling sanctioned oil is the direct consequence of a regime that imposes “severe restrictions and compliance obligations” on companies that play by the rules, it said.
