The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of …
Oil shipments from Russia and Kazakhstan are getting ensnared in a Turkish government rule to provide proof that tankers are insured when navigating the vital Bosphorus and Dardanelles shipping straits. The measure, which came into force on Friday, compels ships …
After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain. The Group of Seven clinched a last-minute deal to cap the price …
The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal, according to a Polish diplomat. The price is higher than where Russia already sells …
Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine. The plan is meant to punish Russia while at the same time …
Moscow is seeking to bolster the recognition of Russian maritime cargo insurance to allow it to ship oil and related products abroad in the face of Western sanctions, a government official was quoted as saying on Tuesday. Western sanctions imposed …
Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in …
Investigators have found traces of explosives at the site of the damaged Nord Stream gas pipelines, confirming sabotage had taken place, a Swedish prosecutor said on Friday. Swedish and Danish authorities are investigating four holes in the Nord Stream 1 …
Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil as new European sanctions kick in. The new rule starts Dec. 1, …
Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven …
