UK, EU agree to ban insurance on ships carrying Russian oil
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Britain and Europe are maximizing pressure on Russian resources.
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The tanker Minerva Virgo, docked in New York, after leaving Russia in February. (Reuters)
The United Kingdom, along with the European Union, has agreed on a coordinated ban on insurance for any ship transporting Russian oil, according to the Financial Times. This comes in conjunction with the EU's decision yesterday in Brussels to place a partial ban on Russian oil, excluding pipelines.
Just a while ago, the Wall Street Journal, citing sources, revealed that the EU intended to ban insurance on ships carrying oil from Moscow. The ban will be introduced in the coming six months.
London's decision, according to the newspaper, will shut down a prominent insurance marker, Lloyd's of London, for Russia, and will acutely limit the export of crude oil.
According to sources, Greece and Cyprus nodded to the proposal but only after the UK made clear that it would do so.
OPEC+ members considering suspending Russia from production deal
According to the Wall Street Journal today, Tuesday, a number of OPEC members are considering suspending Russia from the OPEC+ oil production deal.
Western sanctions, in addition to a partial European ban on Russian oil - which was issued yesterday - are impacting Russia's ability to pump more oil.
Should Russia be excluded from the deal, some OPEC members are preparing to boost oil production, according to OPEC delegates.
