First up, an exclusive from Paul Peachey highlights how complicated it can be to navigate the Russia sanctions regime.

His research found that more than a third of crude loadings last month at a port at the centre of US warnings about oil price cap-busting involved Western shipping and insurance companies, according to a review of data. Eleven of 31 shipments since 19 March from the eastern Pacific port of Kozmino were covered by six protection and indemnity clubs based in Europe and the US despite data suggesting that crude sold from the port had breached the price cap.