Indian refiners are using Russian insurance cover for Russian oil cargoes priced above $60 per barrel, a government source told Reuters on Thursday.
The Group of Seven (G7), European Union and Australia imposed a price cap of $60 per barrel on Russian sea-borne crude exports aiming to limit Russia’s oil revenue following its invasion of Ukraine.
Source: Reuters (Reporting by Nidhi Verma in New Delhi; editing by Jason Neely)