Russia Relying on Western Insurance for Half its Oil Shipments

According to recent data compiled by Bloomberg, Russia is relying on Western insurers to cover more than half of the tanker fleet that exports its oil. 

The Group of Seven and its partners in the EU have ordered any shipment of crude using services based in their member countries must be sold below a $60-a-barrel price cap, a measure designed to curb Russia’s energy-export revenues.

Russia’s dependence on western coverage limits its ability to negotiate higher prices for its oil and could leave the country’s exports vulnerable to disruption if the G-7 decides to increase the restrictions.