The United Kingdom and the European Union have agreed to ban the insurance of tankers carrying Russian oil. This agreement will effectively deprive Russia of access to Lloyd’s of London largest insurance market.
Source: EU leaders
All tankers transporting Russian oil anywhere in the world will be banned. This will undermine Russiaʼs efforts to sell its oil in Asia, as European companies insure most of the worldʼs oil trade.
“The European Union is set to impose its toughest sanctions yet on Russia, banning imports of its oil and blocking insurers from covering its cargoes of crude, as the West seeks to deprive Moscow of cash it needs to fund the war on Ukraine and keep its economy functioning.”
During the preparation of the sixth package of sanctions against Russia, the European Union feared that Britain would continue to insure Russian ships with oil. Sources in the British government say that the ban on the insurance of ships with Russian oil will soon come into force. Also in 5-6 months, a similar decision can be made by all G7 countries.
The next step in this direction may be a ban on the insurance of all ships departing from specific Russian ports.
See also: The European Union will stop importing 90% of Russian oil by the end of the year
