Other ships carrying Moscow’s oil are doing so outside the mechanism specified by the cap. More than 75 loadings of Russian crude from Dec. 5 through Jan. 14 were onto tankers that lacked insurance from Western and Japanese clubs, which dominate shipping insurance, insurance data show.
Tankers run by Sun Ship Management, Sovcomflot’s Dubai subsidiary, accounted for 46 of the 160-plus loadings of Russian crude in that period.
All told, tankers controlled by companies in the United Arab Emirates, Hong Kong, China, India and Russia shipped more than 60% of Russian crude since the price cap took effect, according to Yen Ling Song, analyst at S&P Global Commodities at Sea, while 29% moved on European-controlled ships, mostly from Greece and Turkey. In contrast, European and American operators accounted for more than 90% of Kazakh oil shipments from Russian ports, showing how Western shippers are avoiding Moscow’s crude. Ships carrying Russian oil were on average six years older.