Members of the European Union have agreed on a $60 a barrel price cap on Russian seaborne oil. The price cap is part of wider sanctions kicking in on Monday. A new set of extended regulations banning much of the Western world fleet plus ancillary shipping services from touching Russian cargoes will come into effect on December 5. Russia-linked firms have been snapping up much old tanker tonnage, moving operations to overseas destinations such as Dubai, and practicing ship-to-ship transfers in a bid to keep oil volumes flowing. The lack of Western insurance prevision from Monday is of paramount concern for the Russian economy. China has begun refusing to recognise shipowners’ insurance documents issued in Russia, including by the Russian National Reinsurance Company. . . .
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