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30 Jul 2024

UK-insured tankers allegedly ship Russian oil above price cap violating EU/G7 sanctions, according to investigation; incl. cos. responses

An investigation by the Centre for Research on Energy and Clean Air (CREA) has found that 8 tankers covered by UK Protection & Indemnity (P&I) insurance shipped Russian crude above the price cap between October and December 2023. These tankers allegedly conducted trades that were in direct violation of the EU/G7 sanctions.

According to the authors, the violations of the price cap by the tankers contributed an additional GBP 87 mn (+27%) to the Kremlin war chest.

Business & Human Rights Resource Centre invited the International Group of P&I Clubs to respond. Two members of the Group - West P&I Club and NorthStandard- provided responses. The responses can be found below.

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