The waters around Finland act as a key choke point for the estimated 100 Russian-bought oil tankers that navigate the Baltic monthly using opaque ownership structures to carry 90m tonnes of oil.
Valtonen said the EU was looking at a further package of sanctions but added: What is very important is that the G7 is active in this as well because obviously what the shadow fleet is doing is circumventing the oil price cap.
A $60 a barrel price cap on Russian oil imposed in December 2022 was designed to deprive insurance from a tanker transporting oil at above the price cap. The aim had been to restrict the flow of revenue to the Russian war machine while at the same time not causing a huge spike in oil prices that could weaken the world economy.
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