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rubywpnmaster t1_j1vpii9 wrote

Reply to comment by pete1901 in Putin bans Russian oil exports to countries that imposed price cap -decree by PatientBuilder499

The insurance issue is going to bjork that up royally in January. Ships holding Russian crude will basically be barred from having the required insurance needed to dock in any major western port.

Also, ship to ship transfers are high risk when in port. Doing them on the high seas off the coast of Portugal is a disaster waiting to happen. You could see said countries militaries seizing those vessels WHEN this happens.

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JimmyEDI t1_j1vsrmn wrote

I don’t know about STS out the coast at Portugal, can you link me a source to these? The frequency of the STS are higher in the Med, The gulf, and the Indian Ocean. They are nutters but they do care for themselves. Also the military can’t seize a tanker if they are not readily visible/transponder is off.

The insurance aspect is however something that does stop them offloading. Which is what was seen by Istanbul.

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Tony2Punch t1_j1vrkhu wrote

Don’t that just have to switch insurers to someone who doesn’t give a shit Ie India

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putsch80 t1_j1vx5za wrote

There aren’t many non-Western insurers, and for those that exist their insurance is often not considered sufficient/creditworthy by western ports where these ships could dock.

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Tony2Punch t1_j1wc7cz wrote

India just hit the news because they were considering doing this

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rubywpnmaster t1_j1xudt9 wrote

Yep the insurer has to be able to prove that they can cover what they are insuring against to be worth a damn.

US insurers only hold 8 trillion in cash and investments to be able to cover their asses. Totally easy industry to jump into.

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isysdamn t1_j1we3d3 wrote

It would probably also block them from using any of the canal systems; they are going to end up massive costs attached to their oil industry.

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