Indian Refiners Opt for Russian Insurance Amid Price Cap

Indian refiners are securing Russian insurance for oil cargoes priced above $60 per barrel, despite a price cap imposed by the G7, EU, and Australia. This cap aims to limit Russia's revenue from oil exports in the wake of its invasion of Ukraine.

Indian refiners are turning to Russian insurance for oil cargoes priced above $60 per barrel, according to a government source cited by Reuters on Thursday.

This move comes amid a price cap set by the Group of Seven (G7), European Union, and Australia. The $60 per barrel cap on Russian sea-borne crude exports is intended to curtail Russia's oil revenue following its invasion of Ukraine.

Despite these international measures, Indian refiners continue to source and insure their Russian oil supplies, navigating the complex political and economic landscape.

(With inputs from agencies.)