Russian firms increased insurance cover for India’s oil imports to 60% of all cargoes in July, significantly higher than 40% in December 2023 as the two nations continue cementing their energy ties, Reuters reported on Wednesday. India has become the top buyer of Russian oil, with more than 60% of Russia's seaborne oil exports going to India. By using Russian insurers, Moscow is able to sell its oil above the $60 per barrel price cap the West imposed on Russian crude in a bid to limit Russia's oil revenue following its invasion of Ukraine.…
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