Overview

• Nearly 70% of Russia's seaborne oil exports are circumventing the G-7 price cap, largely due to the use of 'shadow tankers'.
• Russia's shadow fleet, consisting of older, unmarked vessels, poses significant environmental risks, with reports of near-miss incidents at sea.
• The discount on Russian oil has narrowed significantly, indicating increased demand from countries like China and India, despite the sanctions.
• Efforts to enforce the price cap face challenges, as stricter measures could disrupt global oil prices and supply chains.
• Analysts warn that the increased use of dark fleet vessels compromises maritime safety and could lead to costly oil spills.