- Gatik Ship Management loses industry standard insurance for fleet after violating G-7 price cap for Russian oil transportation.
- American Club terminates protection and indemnity cover that protects against risks including collisions and spills.
- Since December 2022, companies in G-7 countries are only allowed to provide services for Russian oil if the cargoes cost $60 a barrel or less.
- Gatik is one of a handful of tanker companies that sprang up out of nowhere when the west began ratcheting up sanctions on Moscow last year.
- Every one of the 48 tankers identified as being managed by Gatik has loaded Russian crude or refined products at least once this year.
Tanker Company Moving Russian Oil Loses Insurance on G-7 Cap
An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels.
Alex Longley
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