Rising Oil Prices Complicate Russian Price Cap Checks for Insurers
- Oil prices in Asia have long been above $60 a barrel
- Concerns growing about price cap breaches, especially in Asia
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Key figures in the insurance industry said rising Russian oil prices are making it harder for them to know if they can lawfully cover Russian cargoes.
Since December, buyers of Russian crude oil have only been allowed to access financial services from Group-of-Seven nations if the cargoes were sold at $60 a barrel or less. Part of that process involves entities like insurers getting attestations pledging the oil was bought below the cap.