The group of seven nations aimed to cripple Russia's war chest by capping the price of their Urals oil at $60 a barrel. To enforce the cap, western companies providing shipping insurance require documentation stating the oil was purchased for $60 or less. But oil is currently trading at $75 a barrel. This creates a discrepancy. How can these companies insure oil demonstrably above the capped price?
#russia #oil #g7
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