The critics were quick to pounce when the EU banned imports of Russian crude and products and the EU and G-7 implemented price caps. It won’t work, they said. There won’t be enough ships to keep Russian trade flowing. Russian diesel and crude production will get shut in. It will lead to a global shortage, causing prices for consumers and businesses to spike. The sanction plan will backfire on Western governments.
None of this happened. The Western plan is working as designed. Russia is being...
https://www.freightwaves.com/news/private-tanker-owners-are-getting-rich-off-russian-price-caps