Quarter of Russian crude oil shipments in December have used western insurance
Western insurers have been underwriting Russian crude oil shipments to India, China and Turkey throughout December, in a sign that the west’s price-cap mechanism has helped oil exports to countries outside the EU to continue since the bloc’s latest sanctions on Moscow.
About a quarter of Russian seaborne crude shipments since December 5, when restrictions started, were insured by western companies, according to a Financial Times analysis of shipping and insurance records.
The data come a day after Russian president Vladimir Putin signed a decree banning the sale of oil to buyers complying with the price cap from February 1.
This story originally appeared on: Financial Times - Author:Ian Smith
