Tanker

Tanker company moving Russian oil loses insurance on G-7 cap

A P&I club member will no longer provide insurance for an oil carrier that intended to transport barrels purchased at prices above the threshold imposed by the West.
Photo: Tatiana Meel/Reuters/Ritzau Scanpix
Photo: Tatiana Meel/Reuters/Ritzau Scanpix
By Alex Longley and Julian Lee, bloomberg news

An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels.

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