Changes

Several non-Western countries dramatically increased their purchases of Russian crude, and took delivery into their systems. These same countries then exported crude oil to G7 and EU countries, at prices above the ($60/bbl) price cap. Many of these countries historically had purchase agreements for Urals crude at discounts to the market price. Russia was able to accommodate a reduction in (direct) sales to the West by increasing sales to existing customers at existing agreed prices.  

Several non-Western countries dramatically increased their purchases of Russian crude, and took delivery into their systems. These same countries then exported crude oil to G7 and EU countries, at prices above the ($60/bbl) price cap. Many of these countries historically had purchase agreements for Urals crude at discounts to the market price. Russia was able to accommodate a reduction in (direct) sales to the West by increasing sales to existing customers at existing agreed prices.  

The cap only applied to waterborne shipments, so the West pressured vessel owners to refuse carriage of Russian crude if the price cap was violated. They did it by forcing the Marine Insurance industry to refuse coverage to any vessel (or vessel owner) that does not comply with the price cap rules. Marine insurance is an industry that has historically been ruled by the UK's Lloyd’s of London and others. The end result was that several countries stepped into the game and started up their own insurance industries, breaking the monopoly that the West had on Marine insurance. This doesn’t count the so-called "shadow" or "ghost" fleet of older vessels that were put into service to increase the volume capability to carry Urals crude by ship, rather than by pipeline.

The cap only applied to waterborne shipments, so the West pressured vessel owners to refuse carriage of Russian crude if the price cap was violated. They did it by forcing the Marine Insurance industry to refuse coverage to any vessel (or vessel owner) that does not comply with the price cap rules. Marine insurance is an industry that has historically been ruled by the UK's Lloyd’s of London and others. The end result was that several countries stepped into the game and started up their own insurance industries, breaking the monopoly that the West had on Marine insurance. This doesn’t count the so-called "shadow" or "ghost" fleet - oil tankers that do not buy [[insurance]] from [[Lloyds of London]] or other [[Western alliance|Western]] insurance brokers - vessels put into service to increase the volume capability to carry Urals crude by ship after the [[Biden regime]] destroyed the [[Nordstream pipeline]].

The end result was Russian oil was unaffected by sanctions and price caps, as non-Western players seized the opportunities to get into the global game of energy transportation, sales, and insurance.

The end result was Russian oil was unaffected by sanctions and price caps, as non-Western players seized the opportunities to get into the global game of energy transportation, sales, and insurance.