Plans by the G7 group of countries to impose a globally recognised price cap on Russian oil exports are likely to spell good news for tanker owners, says Barry Rogliano Salles (BRS).

The French shipbroker said the idea of a price cap has returned to the political agenda as sanctions appear to be having a “limited impact” on Russian oil flows which have remained relatively robust over recent months.

BRS said the G7 appears to be increasingly pragmatic and is now looking to reduce Russia’s revenues rather than strangling its production and exports which could tighten the global oil market and send prices higher.