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- The G7 and its allies are working with governments to tighten price cap enforcement, Olga Dimitrescu said in a NorthStandard podcast.
- “What we want to do is force volumes back into the G7 fleet,” the sanctions official said.
The Group of Seven and its allies are working to draw down Russia’s secretive fleet of oil vessels, curbing the country’s ability to circumvent sanctions, a UK Office of Financial Sanctions Implementation official said.
The Western coalition is engaging governments to drive up compliance with the $60 oil price cap, a measure implemented in 2022 to limit Russia’s crude export revenue, Olga Dimitrescu explained in a podcast interview with NorthStandard, a maritime insurance firm.
“What we want to do is force volumes back into the G7 fleet,” she said, adding: “One of the reasons why the price cap is so effective is because we have this prevalence of services provided by G7 service providers; it is difficult to make trades or gain significant market share without using G7 services at all. So this is why we’re talking to industry.”
The mystery fleet has been a thorn in the side of efforts to restrict Moscow’s trade, a Western objective after Russia’s invasion of Ukraine. Ownership of these vessels is hard to track, and frees Russia to trade oil without any reliance on Western insurance and tankers.
But though the Kremlin has amassed hundreds of these ships, Dimitrescu added that it’s a weighty expense for the regime. In just one year, Moscow spent $2.25 billion on tankers, she estimated.
Despite its cost, the strategy’s effectiveness may be waning. Tighter price cap enforcement from the US, which sanctioned a number of non-compliant ships in late 2023, has beared down on Russia’s trade partnerships. For instance, India has begun sourcing crude from the Middle East, citing Moscow’s failure to conform.
To bolster international efforts to keep the industry compliant, the West is working to make governments aware of the maritime and environmental risks associated with the price cap’s breach, Dimitrescu said. Meanwhile, the price cap’s attestation process will be updated on February 19th, which is how tankers demonstrate they’re conforming to the sanction.
“In the second quarter will very likely up the ante on enforcement and continue taking action against actors engaged in deceptive practices,” she noted.
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