INSUBCONTINENT EXCLUSIVE:
Russia has managed to almost entirely circumvent a G7 price cap on its oil exports, with Moscow claiming average sales at more than $20 per
year, bringing the country 1.6 trillion roubles ($17.63 billion) in revenues last month alone.Despite difficulties with enforcing the price
cap, Western officials told FT that they were committed to keeping the limit in place, with a United States Treasury official saying the
profits.Since the price cap was imposed in December 2022, companies based in the EU, G7 countries and Australia have been banned from
providing services enabling maritime transport, such as insurance, with Russian oil above the $60-per-barrel limit.G7 countries provide
insurance services for 90% of the world's cargo and the EU is a major player in sea freight.AFP contributed to this reporting.
