Western companies continue to insure tankers carrying Russian oil

Western companies still provide services to tankers carrying Russian oil, despite the “price ceiling”.

A group of Western insurers has provided coverage to tankers carrying Russian crude oil, Reuters reports.

The publication showed that five insurance companies, including American Club, Luxembourg-headquartered West of England and Norway’s Gard, provided cover for 10 tankers that left Russia for Asia this year.

The American Club and West of England insured two vessels, the “Gioiosa” and the “Orion I”, which made similar voyages earlier this year. Both vessels loaded crude oil from the state-owned Russian oil company Rosneft.

Three Western companies that insure tankers against oil pollution, crew injury and death said they were providing services to clients on their lists.

Restrictions imposed by the G7 countries and their allies mean that Western insurers and vessels can only trade Russian oil if it sells for less than $60/barrel.

Earlier, USM reported that the UAE has banned tankers with Russian oil from entering its ports.