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Russian firms provided insurance cover for 60% of #Moscow's oil cargoes to #India in July, up from 40% in December last year, according to Reuters calculations based on the vessels' documents.

By using Russian insurers, Moscow can sell the oil above a $60 per barrel price cap that the Group of Seven (#G7), the #EU and #Australia imposed aiming to limit #Russia's oil revenue following its invasion of #Ukraine.

https://www.reuters.com/business/energy/russian-insurance-shores-up-oil-exports-top-buyer-india-2024-09-18/