A rise in spot prices for Russian crude oil to above the $60 per barrel cap imposed by western powers has made ship insurers even more nervous of running foul of the rules as they are unable to independently track the value of cargoes, executives said.
To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively.
"If Russia wants to export its oil and sell it above the price of the price cap, then it's in the interests of both the Russian exporter and the receiver not to release information as to what the true price of the cargo was," Salthouse told Reuters on the sidelines of a Singapore Maritime Week event.
Lars Lange, secretary general of the International Union of Marine Insurance said: "We are definitely not able to assess the oil prices of shipments."
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