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Insurers Urged to Reassess Russian Oil Coverage Amid UK Price Cap Changes
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Hydrocarbons alone account for one third of the tax revenues of the Russian state, and they are being eroded, putting energy at the heart of the negotiations between Washington and Moscow this Friday in Alaska.
LMA members advised to review Russian oil exposures
The Lloyd’s Market Association (LMA) has advised its member insurers to review their exposures to Russian oil in response to upcoming changes to the Oil Price Cap regime for the UK and EU. The Oil Price Cap is a sanctions regime run by the G7, the EU and Australia, designed to let companies in those jurisdictions provide key maritime services, like insurance, only when Russian origin crude oil or petroleum products are sold at below a set cap. T…
Insurers urged to reassess Russian oil coverage amid UK price cap changes
An insurance association has urged its members to assess their exposure to Russian oil as the UK and EU prepare to update their oil price cap regimes. The oil price cap, introduced by the G7, EU, and Australia, aims to restrict Russia’s oil revenues by preventing Russian companies from selling oil above a specified threshold. In July, the UK and EU announced plans to lower the price cap to further limit Russia’s ability to fund its war in Ukrain…
Washington had previously discussed the idea of imposing duties on Russian oil buyers with G7 countries, but did not receive support.
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