G7 tankers support high Russian crude exports amid US sanctions exemption in International Shipping News 18/06/2026 G7-linked crude tankers have maintained a high market share in Russia in recent weeks, emboldened by Washington’s continued sanctions exemption to avert a supply crisis during the war in the Middle East. Tankers flagged, owned or operated by companies based in G7 countries and their allies, or insured by Western protection and indemnity clubs, lifted 33.2% of Russia’s crude exports of 4.1 million barrels/day in May, according to S&P Global Commodities at Sea(opens in a new tab) and Maritime Intelligence Risk Suite data. The share was the highest since July 2025 and up from 29.4% in April. In the first two weeks of June, G7 tankers accounted for 29.7% of Russia’s exports of 4.5 million b/d, a historically high level, the data shows. The US Treasury Department issued another 30-day sanctions waiver for Russian oil that is already at sea on May 18, seeking to ease supply worries amid much-reduced oil flows through the Strait of Hormuz, which handles 20% of global seaborne trade in normal times. The general license was the third sanctions waiver from Washington. The first was issued March 15, and the second April 17. Tanker operators could only transport Russian crude if the barrels were sold at no more than $60/barrel under the US sanctions regime, but the waivers have removed this requirement temporarily while allowing sanctioned tankers to deliver Russian cargoes. While the EU, UK, and Canada have set their price cap at $44.10/b, and Japan at $47.60/b, US sanctions tend to be most effective among G7 members due to the US dollar’s dominant currency status. Japan received its first cargo of Russian crude May 4, after the government in March indicated it would uphold energy security through diverse crude sources, including Russia. Local media reported that Taiyo Oil imported crude oil from Russia’s Sakhalin-2 oil and gas project, which is exempt from W