Christiaan Triebert

And a lot of it relied on kind of like self-regulation, meaning like you're, let's say, an oil trader or a shipper or whatever.

You probably don't want to touch that Iranian oil because if you do, you may get in trouble with U.S.

authorities.

And that means like the next time you get a job in like picking up oil in the U.S.

and bringing it somewhere, you're probably not going to get that job because you touched Iranian oil in the past.

But there's also something else that's been going on and has been allowed to go on.

And that's to do with insurance.

Insurance.

Insurance.

Absolutely.

Because you can imagine if this if an accident happens with one of these big

ships laden with oil and it hits something in a port and there's a huge oil spill that's going to cost billions and billions of dollars.

So all these ships need to have insurance and many ports in the world, doesn't matter whether it's Houston or whether it's a port in Iran or a port in China, these ports will say like, hey, do you have legitimate insurance?

Because, you know, if something happens, we want to make sure that someone pays for the cleanup.

I mean, there are not that many insurers in the world that can take this on.

And most of these insurance companies are based in Western countries.

So what has been happening is that many of the shadow fleet oil tankers are lying because

to these insurers when they ask for insurance.

But what has happened recently, maybe partly because of the reporting we did on that, and also just in general and in scrutiny on these ships, these American and Western insurance companies are yanking insurance away from these ships.

So now these ships are getting insurance from less reputable companies or sometimes even companies that may not really exist that are often linked to Russia, which is also pretty scary, right?