Russia has repeatedly stated that it will not work with the G7 oil price cap for crude oil that took effect in December 2022, or with the subsequent price cap on refined products that became effective in February 2023. If Russia insists on not conforming to the price cap, it can't use services located in G7 countries due to sanctions controls. This scenario gives rise to the need for a substantial shadow or ghost fleet of vessels able to transport Russian oil as close to capacity as possible while potentially evading G7 sanctions and the crude and refined oil price caps.   Listen and learn about the size of the shadow fleet, hot spots for ship-to-ship transfers of cargo, and why financial institutions should be concerned about ghost ships from our expert: Byron McKinney, Product Management Director, Maritime, Trade & Supply Chain, S&P Global Market Intelligence https://www.spglobal.com/en/enterprise/experts/mckinney-byron.html You can download our white paper on Russia's shadow fleet here: https://www.spglobal.com/marketintelligence/en/mi/Info/0323/russia-shadow-fleet.html   You can also read more about vessel ownership here: https://www.spglobal.com/marketintelligence/en/mi/research-analysis/vessel-ownership-trade-finance-and-regulatory-compliance.html