The sanctions on the oil exports of Venezuela and Iran, and now Russia, have given rise to a lucrative under-the-radar oil trade in which less scrupulous vessel owners, shipping firms, and traders continue to sell sanctioned oil to those willing to take the risk to buy it. The EU embargo on Russian crude oil imports and the price cap on Russian crude – in force since December 5 – are set to further increase illicit shipments of oil to countries outside the EU and the G7 that haven’t joined the so-called Price Cap Coalition. …
