Bloomberg: anti-Russian sanctions may affect the transportation of oil through the straits of Denmark

Oil production - 1920, 14.09.2022

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MOSCOW, 14 Sep – Sanctions against oil from the Russian Federation may affect the work of a transshipment sea point in Denmark, transmits Bloomberg, citing sources.
Western countries, in response to the special operation in Ukraine, are trying to limit Russia’s income from energy supplies, for this they have introduced several packages of sanctions. Thus, in the sixth package of the European Union, a ban was introduced for EU companies to insure and finance the transportation of oil, in particular, along sea routes, to third countries. Also, the G7 countries are discussing the intention to introduce price restrictions on Russian oil as part of the expansion of sanctions. The idea behind the price caps is to keep Russian oil deliveries that fall within it out of impending Western sanctions, including a ban on its transportation by sea, insurance and financial support for such transactions.
It is noted that crude oil and fuel from Russian ports on the Baltic Sea are delivered through these straits, this is “inevitable”.
However, the Danish authorities can only recommend that shipowners use the services of pilots. Therefore, in theory, ships can go on dangerous journeys without them.
“Any vessels that decide to sail without pilots may also find themselves without proper insurance … The EU is going to ban companies in member countries from insuring Russian cargo,” the agency points out.
It is noted that the restrictions may be relaxed: if the G7 impose a ceiling on prices for Russian oil, shipowners will be able to use the services of insurance and pilots, but only if they do not have to pay more than will be set by the G7 countries.

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