Russia shipped nearly 75% of its crude without Western insurance in August as its revenues soared outside of price-capped operations, according to reports.
That represented an increase from 50% in the spring as the surging price of oil forced Western businesses out of the trade, the FT reported, citing Kpler and insurance data.
The shift represents a new phase in Russian oil exports after the G7 and European Union’s price cap was breached in July and has remained above the $60 per barrel mark since then.
