On December 5, 2022, the EU ban on seaborne crude oil imports from Russia went into effect, accompanied by a $60 per barrel price cap for exports to countries outside the G7, the EU and Australia. While there are a few allowed exceptions, Europe has largely stopped importing oil from Russia.
Did Russia reduce its exports and if so, who picked up the slack? How effective has the price cap been? Did Russia employ more vessels of the shadow fleet to move its crude? What has been the impact on the tanker market so far? These are some of the questions we will try to address in this Tanker Opinion.