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A group of Western companies insured tankers transporting oil from Russia, despite the price restrictions imposed by the G7.
This was reported by Reuters.
«Five insurance companies, including American Club, West of England, headquartered in Luxembourg, and Norway’s Gard, have provided insurance coverage for 10 tankers that have traveled from Russia to Asia this year.»
American Club and West of England insured two vessels, Gioiosa and Orion I, which made similar voyages in early 2024.
Both vessels loaded crude oil from the oil company Rosneft from Russia in the Russian Baltic and sailed to China.
The restrictions, imposed by the G7 countries and their allies, were aimed at reducing Moscow’s ability to finance the war against Ukraine. Western insurers are only permitted to trade in Russian oil if it is sold below USD 60 per barrel.
Many companies have stopped trading such cargoes, stating they could not be certain of the price of the oil the ships were carrying.
As a reminder, on Monday, 5 August, Japan’s Nikkei stock index plunged by almost 13%. This is due to global markets worrying about the prospect of a recession in the United States. However, it is expected that this will not be catastrophic Ukraine. The fall in stocks will affect Ukraine because we are part of the global economy. However, we are not so well integrated into these processes that the drop in stocks in Ukraine would be significant.