U.S. hits Russia's "shadow fleet": largest oil carrier in India is deprived of international insurance
The shadow fleet of dozens of tankers, which transports Russian oil to Asia bypassing Western sanctions, was hit by the US sanctions.
India-registered Gatik Ship Management, which became a major carrier of oil from Russia last year, has lost international insurance because of a violation of the "price cap" mechanism, Bloomberg reported, citing a source familiar with the situation.
The Mumbai-headquartered company, which nobody knew about until last year, assembled a fleet of 48 tankers with a combined capacity of more than 30 million barrels and worth $1.4 billion. Almost all of the vessels entered Russian ports and exported oil or oil products, a Vortexa analysis showed.