The US has been sounding the alarm for months that Europe’s sanctions on Russia could trigger such a shock. To do that, buyers would have to sign up to a controversial oil price cap. Many are older ships and will find their way to the shadow fleet, with Russian shipowner Sovcomflot PJSC supplying some tankers as well. The price cap would make European services and insurance available to companies who pay adhere to a price ceiling for Russian oil. In other words, a trader could theoretically only hire a Greek tanker if that trader paid a capped price for oil.
