Russia Expanded Oil Tanker Fleet, Created New Payment, Insurance Mechanisms: Putin

Russia has been expanding its own tanker fleet and created alternative payment and insurance mechanisms, in order to circumvent Western services, Russian President Vladimir Putin said during Russian Energy Week.

• "Thanks to the actions of companies and authorities, the tanker fleet has been expanded, new mechanisms of payments, insurance and reinsurance of our cargoes have been created. As a result, in a short period of time we managed to switch oil supplies to the fast-growing and promising markets of the world - the South and the East," Putin said.
• Putin recalled that sanctions against Russian oil "have made a mess of the global energy market."
• Russian Urals prices have been trading well above the $60/bbl G7 oil price cap in recent month which blocks access to service from Western providers, such as insurance.