Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation.
The Group of Seven and its partners in the European Union have decreed that any shipment of crude using services based in their member countries must be sold below a $60-a-barrel price cap. The measure is designed to curb the Kremlin’s energy-export revenues, limiting its ability to keep funding the invasion of Ukraine.
