Despite the sanctions that the European Union and the G7 countries imposed on Russian crude oil, most of the vessels carrying Russian crude oil and oil products are owned and/or insured in the European Union and the G7 countries.
This is stated in an analysis by the Finnish-based Centre for Research on Energy and Clean Air (CREA), the CFTS portal reports, citing the publication Port News.
According to the analysis, insurance companies based in Britain insured ships carrying Russian oil worth EUR 120.6 billion from March 2022 to the end of November 2023. In the 12 months since the imposition of the price cap on Russian crude oil (5 December 2022), EUR 46.4 billion worth of Russian crude oil has been transported on tankers using British protection and indemnity (P&I) insurance.
According to CREA data, in December 2023, 62% of Russian oil products, chemicals, and liquefied petroleum gas (LPG) were transported on tankers owned or insured in countries implementing the price cap policy. CREA’s analysis found that 33% of all Russian crude oil (by volume) was transported on tankers insured in Britain from the beginning of the implementation of the sanctions until early November 2023.
As reported previously, India is working to create its own P&I club, a marine insurance entity. One of the reasons why India is trying to create its own P&I club could be that Indian companies are under pressure from the United States for violating the sanctions on the transportation of Russian crude oil.