Indian refiners using Russian insurance for oil above $60/barrel

The West had 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.

New Delhi: 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.