Russia is shipping crude oil to India under the price cap mechanism on tankers insured by Western companies, in an early sign that Russia is not cutting off crude supply that complies with the G7 price cap of $60 per barrel, the Financial Times reported on Friday, citing its own analysis of insurance and shipping data.
The price cap on Russian crude imposed by the EU, the G7, and Australia came into effect on December 5. Under it, buyers paying $60 or less per barrel of Russia’s crude will have full access to all EU and G7 insurance and financing…Russia Ships Crude Oil To India Under Price Cap Mechanism
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