As mentioned in the “Invisible Web,” shipping insurance is the “choke point” of global trade. Most ships carry “Blue Cards” from the International Group of P&I Clubs, which provide billions in coverage for oil spills or collisions.
When sanctions are placed on a country’s exports (like Russian oil), the “Price Cap” mechanism is used. Western insurers are forbidden from providing insurance unless the oil is sold below a certain price. Without insurance, a ship cannot enter major ports like the Suez Canal or the Strait of Malacca. This forces sanctioned nations to use a “Shadow Fleet” of older, uninsured ships, which creates a massive environmental risk for the entire world.
Picture Idea: A “Stop Sign” held by an insurance agent in front of a massive oil tanker at the mouth of a narrow canal.
