Collisions are more likely in such cases, raising the odds of a devastating oil spill. It’s also harder to tell whether the vessels with murky ownership comply with the strict rules governing oil transfers at sea, according to Kenney. Group of Seven nations have imposed a cap on the price of Russian oil and oil products, and a smaller pool of buyers can also negotiate greater discounts. China’s imports of Russian oil in the first quarter of the year rose 38% compared with a year prior, according to Kpler data. As trade of Russian oil has become more complex, many Western shippers have pulled back.

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