Russia can access enough tankers to ship most of its oil beyond the reach of a new Group of Seven price cap, industry players and a U.S. official said, underscoring the limits of the most ambitious plan yet to curb Moscow's wartime revenue.
The G7 countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but faced consternation from main players in the global oil industry who feared the move could paralyze the trade worldwide.
Months of discussions between the United States and those insurance, trading and shipping firms have mollified concerns on their exposure to sanctions but all parties now realize Russia can largely skirt the plan with their own ships and services.