Western Insurers Continue to Cover Russian Oil Despite Sanctions ...Middle East

Several Western insurers have provided coverage for tankers carrying Russian oil, Reuters has reported, citing shipping and insurance data. The report noted that Western insurers are only allowed to insure tankers with Russian crude if the cargo sells for $60 per barrel or below. However, the average price of Russia’s flagship—and cheaper—Urals blend has been $69.40 per barrel, according to LSEG data cited by Reuters. The insurers that provided coverage for the vessels with Russian crude included the American Club, West of England,…

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