G7 hits Russia's shadowy fleet and deprives a company that transports Russian oil of insurance
Gatik has now been deprived of insurance from the American Club of Insurers, which insures 90% of maritime transportation
The oil tanker company, which is actively involved in the transportation of Russian oil, has lost standard insurance for its fleet after it violated the G7's requirements for a price ceiling of $60 per barrel for the transportation of Russian oil.
Source. Bloomberg writes about it.
It is a shadowy fleet of dozens of tankers of the Indian company Gatik Ship Management, which transports Russian oil in Asia, bypassing Western sanctions.
Gatik, the largest carrier of oil from Russia, lost its international insurance due to a violation of the pricing mechanism.
The Mumbai-headquartered company has assembled a fleet of 48 tankers with a total capacity of more than 30 million barrels and a value of $1.4 billion. Almost all of the vessels called at Russian ports and exported oil or oil products, Vortexa's analysis showed.
Under the sanctions, which came into effect on December 5, such shipments are allowed only if oil is sold for less than $60. Gatik violated this principle and was deprived of insurance services from the American Club of Insurers. It is a member of the International Group of P&I Clubs (IG P&I), which provides insurance for more than 90% of the world's shipping.
According to a Bloomberg source, Gatik was left without insurance on the terms of "protection and indemnity," which, in particular, covers risks in the event of an oil spill. Without it, the company's tankers may be denied access to ports and straits, such as the Turkish Bosphorus and Dardanelles.
The American Bloomberg Club confirmed the severance of relations with Gatik.
Since the beginning of the war, India has increased its imports of Russian oil more than 30 times, despite Western calls to join sanctions over the war in Ukraine. According to Reuters, in April, the Indian market accounted for 70% of marine exports from Russia.
Background. As a reminder, the United States has issued an official warning about schemes to circumvent the Russian oil price ceiling.
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