According to Bloomberg, just two weeks before the European Union sanctions took effect, Russia has already lost more than 90 percent of its market from the bloc’s northern countries, which were previously the mainstay of supplies from Baltic and Arctic terminals.

According to Bloomberg, shipments of Russian oil to northern Europe fell below 100,000 barrels a day, compared with 1.2 million barrels a day entering the region’s ports each day in early February.

In the four weeks to November 18, Russia delivered just 95,000 bpd to Rotterdam, Europe’s only seaborne destination outside the Mediterranean/Black Sea basin.

This is a significant drop from the more than 1.2 million barrels per day that were sent to the region’s ports each day in early February.

Countries such as Lithuania, France and Germany stopped these imports months ago, and Poland followed suit in September.

Three-quarters of the crude oil loaded into Russia’s Baltic ports is now headed to Asia, with Indian refiners buying significant volumes to take advantage of a grace period offered by the US and Britain, which is expected to be accepted by the EU.

It will exempt vessels loaded before the ban took effect on December 5 from fines if they are delivered by January 19.

It is expected that the G7 countries will announce the level of ceiling prices for Russian oil supplies as early as Wednesday. Cargoes bought at prices above this level will lose access to European and British ships, insurance and other services.

Earlier this month, London announced it would ban British vessels and service providers, including insurance companies, from participating in the transport of Russian oil sold above a price ceiling set by the G7 and Australia, AFP reported.

The measure will enter into force on December 5, the British government said in a statement.

The price cap is “a way to undermine (Russian President Vladimir) Putin’s ability to finance his war in Ukraine (…) while ensuring that third countries can continue to receive oil at affordable prices,” the Ministry of Finance said in a statement.

However, neither Britain, its G7 partners nor Australia will benefit from the restriction, London said, as they “have already banned imports of Russian oil”.

Commercial vessels must be covered by various types of insurance: against damage to the vessel, for cargo, as well as unlimited cover for damage caused to third parties, protection and indemnity (P&I) insurance.

This particular type of marine insurance, which covers risks from war to environmental damage, is mainly offered by professional associations known as “P&I clubs”, which pool the risks because they involve huge sums.

London’s position on this has been scrutinized by the industry as the UK accounts for 60% of the P&I insurance market.