Insurers doubt enforcement of Russia oil price cap

Insurers doubt enforcement of Russia oil price cap | World Business Watch

the G7 The Group of Seven Nations aimed
to Russia’s oil Revenue by
imposing a price cap of $60 per barrel
however the effectiveness of this
strategy is under growing scrutiny 80%
of Russian oil tankers have reportedly
left the coverage of insurance companies
aligned with the
G7 now this creates a shadow Fleet
operating outside the price caps reach
the price of Russia’s Flagship urals
crude oil has also consistently exceeded
$60 a
banel this raises questions about
whether the cap is actually limiting
Russia’s income a key insurance provider
for the global shipping industry has
expressed concerns about the G7 price
caps enforceability their data shows a
dramatic decrease in coverage from for
Russian oil shipments in April 2024 only
16% of Russian oil caros were insured by
companies adhering to the G7 Gap the
group suggests broader International
collaboration to effectively limit
Russia’s oil Revenue the submission also
notes that the success of the oil price
cap hinges on cooperation from major
buyers like China and India
[Music]

The group of seven nations aimed to cripple russia’s oil revenue by imposing a price cap of $60 per barrel. However, the effectiveness of this strategy is under growing scrutiny.

#russia #g7 #russiaoil

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Insurers doubt enforcement of Russia oil price cap | World Business Watch

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