Data from traders and shipping companies has revealed that a group of Western insurance companies have provided coverage for tankers carrying Russian crude oil, allowing the continued flow of oil even after many trading companies withdrew out of fear of violating the price cap rules set by the G7.

The data shows that five insurance companies, including “American Club,” “West of England”, based in Luxembourg, and Norway’s “Gard,” provided coverage for ten tankers that sailed from Russia to Asia this year.

“American Club” and “West of England” insured two ships, “GeoYusa” and “Orion 1,” which made similar voyages in early 2024. According to the data, these ships transported crude oil from Russia’s state-owned Rosneft in the Russian Baltic Sea to China.

“American Club” stated that the Panamanian-flagged ship is listed among the vessels it insures, while “West of England” did not comment on specific tankers.

 “Gard” also declined to comment on specific ships. The three companies providing insurance services for ships against oil pollution, injuries, and loss of life stated that they are serving their members.

The extent to which Western insurance companies have continued to cover specific Russian oil deals since the imposition of the price cap in 2022, following the war in Ukraine, has not been previously reported.

The price cap set by the G7 and its allies, intended to limit Moscow’s ability to fund the war, allows Western insurance companies and ships to participate in the Russian oil trade only if the oil is sold below $60 per barrel.