The rising price of Russian crude has sparked an exodus of tankers from the trade amid fears of breaking G7 sanctions, according to analysts.
Russia’s Urals crude, shipped from its Baltic and Black Sea ports, breached the $60-per-barrel price cap earlier this month in a development that threatens to force mainstream owners out of the trade.
G7 and European Union shipowners, insurers and financiers would breach sanctions if they continued to trade in Russian oil that was sold above the price cap.
