The largest carrier of Russian oil is deprived of international insurance due to the violation of the “price ceiling” mechanism.
The United States “targeted” Russia’s shadow fleet, formed to supply Russian oil to the Asian market in circumvention of sanctions, and struck the first blow.
According to Bloomberg citing its own sources, Gatik Ship Management, registered in India, which has recently become the largest carrier of oil from the Russian Federation, has lost international insurance due to a violation of the marginal price mechanism for Russian raw materials.
The material notes: the company, which no one knew about a year ago, today has a fleet of 48 tankers, together the vessels are able to accommodate more than 30 million barrels on their sides. All these tankers were seen in Russian ports, from where they exported oil and oil products.
The American Club of Insurers stripped Gatik of insurance services because the company did not adhere to the price ceiling set at $60 per barrel for Russian oil.
According to agency sources, the Indian carrier was left without insurance on the terms of “protection or indemnity.” This insurance, in particular, covers risks in the event of a spill of raw materials. Without such insurance, ships may lose access to ports and straits, such as the Bosphorus and the Dardanelles.
Last month, the average price of the Russian Urals oil brand was $51.15 per barrel. This is below the established “ceiling”, however, taking into account the cost of transportation in Indian ports, oil from the Russian Federation, according to various sources, cost in March from 61 to 70 dollars per barrel.
Earlier, the media wrote that Indian traders and banks were instructed not to violate the “price ceiling” for Russian oil. This issue was actively discussed by officials from India and representatives of the G7 at the G20 summit in New York.
In addition, it was reported that the tightening of requirements related to the need to comply with the “price ceiling” caused a serious damage to the speed of transactions, which could reduce the flow of Russian oil to India.
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