Tanker Company Moving Russian Oil Loses Insurance on G-7 Cap (1)

An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels.

Gatik Ship Management lost so-called protection and indemnity cover that was provided by the American Club, a person familiar with the matter said, declining to be identified discussing sensitive information. The cover protects against risks including collisions and spills.

The cover was terminated because the American Club was informed that Gatik intended to transport barrels bought at prices above the threshold, the person said. The ...