Illegal oil is on the way: European tankers risk becoming ghosts

Illegal oil is on the way: European tankers risk becoming ghosts At least 15 tankers with oil from the RF are moving along the coast of Europe from ports in the Baltic Sea. They will reach their destination after Dec 5, when the G7 promised to impose a price cap on raw materials from Russia. If the price of the cargo is higher than the control price, tankers will lose insurance and shipowners will be required to stop transportation.For example, the Greek ship Kythira Warrior will arrive in Singapore on the 18th, the Maltese tanker Syra will reach India on the 6th, and the Liberian-flagged HAI II may arrive in the Chinese port of Qingdao no earlier than Dec 22. Volume of such problematic raw materials is at least 12-13 mln barrels (more than $800 mln). Of this caravan, 8 vessels have Greek registration and, accordingly, transport and cargo insurance in the EU countries. So the risk of becoming legal ghosts is very high.After Dec 5, two types of sanctions against the RF should become relevant, including an embargo on oil supplies by sea. The head of the European Commission, Ursula von der Leyen, in an interview with Bloomberg, confirmed that the control price has not yet been set, and the US Treasury Department Yellen considers the limit no higher than $60 to be real. But the actual wholesale price of the Urals grade is in the $70-80 zone, and it is unlikely that raw materials in these tankers are cheaper than the market price.If the tankers are nevertheless stopped on their way to the ports of destination, then it is enough to simply turn off geolocation and the cargo will quickly go to the illegal market. Buyers themselves organize the pumping of oil directly into the sea, and it is almost impossible to control this process and hold anyone accountable.Probably, when announcing a real price limit for Russian raw materials, Brussels will also announce some exceptions for goods that are already in transit. However, this is only speculation so far.Profits to yall!