INSUBCONTINENT EXCLUSIVE:
At least five Western insurers continue to provide coverage to tankers carrying Russian crude oil despite concerns they may be violating G7
price caps, Reutersreported Thursday, citing data from traders and shippers.The G7 group of industrialized countries and their allies
Ukraine.While Russia has been able to bypass those restrictions, with its Urals crude selling at $69.4 per barrel from Baltic ports so far
ships stopped trading Russian crude out of concern they could not verify that the oil on board cost below $60.However, the five Western
companies identified by Reuters provided insurance to 10 tankers that sailed from Russia to Asia this year, including two that received
buyers and sellers to ensure that their work was legal and complied with Western sanctions.Four of the insurers are members of the
policy and a blank copy of an attestation letter
The news agency said the attestation letter warned the company seeking insurance coverage that it would be withdrawn in case of price cap
violations.But the attestation does not ask for the oil price, Reuters reported, adding that insurers and ship owners are not required to
verify prices under the price cap regime.
