Russian Oil Shipping Rates Jump As The U.S. Sanctions Price Cap Evaders

Shipping rates for transporting Russian crude have surged since last week after the U.S. took a tougher stance on sanctions for vessels carrying Russia’s oil above the G7 price cap, traders have told Reuters. Last week, the United States took a tougher stance on the Western sanctions against Russia. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed last Thursday sanctions on two entities and identified as blocked property two vessels that used Price Cap Coalition service providers…