To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively. Lars Lange, secretary general of the International Union of Marine Insurance said: "We are definitely not able to assess the oil prices of shipments." "I get an attestation, which is a compliance with the price cap, but I know actually that something different is happening in the background...and this is something where no law can prepare you for these particular cases." HEIGHTENED SAFETY RISKSIn addition to risks of violating sanctions, the growing "shadow or dark fleet" - tankers purchased by states to deliver Russian oil - has increased safety risks for the shipping sector, the executives said. "I don't have a solution regarding the shadow fleet.

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