Oil refiners are increasingly relying on Russian insurance providers for oil shipments priced above $60 per barrel. The shift follows the price cap introduced by the Group of Seven (G7), the European Union, and Australia.
The cap, aimed at limiting Russia’s oil revenues in response to its invasion of Ukraine, targets Russian sea-borne crude exports. As reported by devdiscourse.com, Indian oil refiners are continuing to procure and insure Russian oil, manoeuvring through the intricate political and economic challenges posed by the situation.
