The price cap on Russian oil imposed by the G7 does not work. It has only pushed more ships to join the shadow fleet. This was stated by Western insurers in a letter cited by Reuters.

According to them, these restrictions have only increased the shadow oil transportation market and the Russian fleet.

The statement was presented as written evidence at a hearing in the British Parliament. The group says it consists of 12 third-party marine liability insurance companies covering 87% of the world's ocean tonnage.

"The oil price cap is becoming increasingly unfeasible as more and more ships and related services move into this parallel trade. We estimate that about 800 tankers have already left the International Group clubs as a result of the oil price cap," they said in a statement.