Russian oil freight rates jump by 50% as US boosts scrutiny of price cap
Oil freight rates from Russia’s Baltic ports to India are up some 50% since last week as more shipowners quit the market after the first U.S. sanctions on shipowners carrying Russian crude priced above a G7 cap, three sources said on Tuesday.
The Group of Seven (G7) countries imposed sanctions in December last year prohibiting shippers or insurers domiciled in member countries from offering services to facilitate Russian oil exports when the price is above $60 a barrel.
The sanctions do not apply to shipping companies or insurers from other countries, regardless of the price.
