Tanker Firm Loses Insurance Protection Over Carrying Russian Crude ...Middle East

An India-based tanker company has lost its protection and indemnity (P&I) insurance from the American Club because the Western insurer was informed that the shipping firm intended to transport Russian crude oil bought above the G7 price cap of $60 per barrel, a source with knowledge of the matter told Bloomberg.  The EU and G7 banned on December 5 maritime transportation services, including insurance and funding, from shipping Russia’s crude oil to third countries if the oil is bought above the price cap of $60 per barrel.  …

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