Indian refiners using Russian insurance for oil above $60/barrelThe 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.
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Oil refinery.
Credit: Reuters Photo
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.