INSUBCONTINENT EXCLUSIVE:
Russia has managed to almost entirely circumvent a G7 price cap on its oil exports, with Moscow claiming average sales at more than $20 per
year, bringing the country 1.6 trillion roubles ($17.63 billion) in revenues last month alone.Despite difficulties with enforcing the price
cap, Western officials told FT that they were committed to keeping the limit in place, with a U.S
Treasury official saying the sanctions have forced Russia to sell its oil without Western insurance or shipping, which has inflicted a
been banned from providing services enabling maritime transport, such as insurance, with Russian oil above the $60-per-barrel limit.G7
countries provide insurance services for 90% of the world's cargo and the EU is a major player in sea freight.AFP contributed to this
