Reuters cited data on transportation and insurance to say that some Western insurance companies have provided insurance for ships carrying oil of Russia.
Reuters noted that Western insurance companies are only allowed to insure Russian oil tankers if the oil is sold at a price of $60 per barrel or below.
However, according to data from the financial company LSEG cited by Reuters, the average price of Russian Urals oil is $69.4 per barrel.
The insurance companies providing insurance for Russian oil tankers include American Club, West of England and Gard - a Norwegian-based company - which has insured 10 oil tankers produced by Rosneft and destined for Asia. All the oil tankers were insured this year.
The insurance industry is an important tool for the EU and the US in enforcing sanctions against Russia after Russia launched a military operation in Ukraine in 2022.
According to the ceiling price agreed upon by G7, Western insurance companies can only lawfully provide insurance for Russian oil tankers if the sale price is $60 per barrel or lower.
The insurance companies have noted from the start that implementing the ceiling price will be a significant challenge, so most of them simply refuse to insure any Russian oil tankers.
However, this does not prevent oil exports from Russia. Russian insurance companies as well as companies from China and India have stepped in to provide insurance and maintain the flow of oil.
In general, the enforcement of sanctions has not achieved the goal of curbing Russia's economy of Russia.
The World Bank put Russia on the list of high-income countries a month ago for the first time since 2015.
The World Bank said trade was one of the main factors contributing to this growth, reaching a growth rate of 6.8% last year.
The financial sector - another major target of Western sanctions - also grew by 8.7% in 2023.
