Western insurers still cover tankers carrying Russian crude to Asia, Reuters finds

Western insurers have continued to cover tankers carrying Russian crude to Asia despite concerns over the G7 price cap, Reuters reports. It found five insurers, the American Club, West of England, Gard, Maritime Mutual and the London P&I Club, covering 10 tankers that sailed from Russia to Asia in 2024, including Gioiosa and Orion I, which carried Rosneft crude from the Baltic to China. Urals crude at Baltic ports has averaged $69.40 a barrel this year, above the $60 cap. Insurers rely on attestations from buyers and sellers, a process the International Group of P&I Clubs warned in April was flawed. West of England's Tony Paulson said traders would 'never give away that (price) information'.

This is a summary in our own words of the linked reporting. Allegations are those of the source. How we report.