Treasury officials want to do that, in part, by targeting a so-called shadow fleet of oil tankers that is allowing Russia to sell oil above a $60-per-barrel price cap that the United States and its allies imposed in 2022.
Can Russia sell oil at a discount?
Their alternative plan was to use the maritime industry, including shipping companies and insurance carriers, to effectively allow Russia to only sell oil at a discount: $60 per barrel, which is about $25 a barrel less than the price on the global market.
How does Russia help Europe replenish gas stores?
Russia helps Europe replenish gas stores Today, Europe still depends on Russia for around 15% of its gas, an ever-growing proportion of which now comes in via the sealanes, on tankers like the Yakov Gakkel.
Why does Russia have a cap on oil?
That cap was intended to restrict Moscow’s ability to profit from its energy exports while allowing its oil to continue flowing on international markets to prevent a global price shock. But Russia has largely circumvented the cap, allowing it to reap huge profits to fund its war efforts.