Ships carrying Russian oil could lose insurance mid voyage

Shipping companies and insurers are still wary of the latest price cap to be imposed on Russian crude by the European Union and the Group of Seven (G7) nations on Dec. 5, as the ambiguous terms and conditions could leave ships without insurance mid journey, Reuters reported. Shipping companies and insurers are concerned that insurance coverage will be withdrawn for oil tankers mid voyage if it’s discovered that their cargo breaches price cap terms and or is under sanctions.