Insurance ban sinks Russia oil exports as latest embargo strives to keep Kremlin out of Lloyd’s of London market
Ships carrying Russian oil have been hit by a coordinated insurance ban from the UK and EU.
The prohibition will strive to keep the Kremlin out of the Lloyd’s of London market.
This latest embargo, which was first reported by the Financial Times, forms part of a new batch of sanctions from the EU and will impact Russia’s ability to export crude.
Ships carrying Russian oil have been hit by a coordinated insurance ban from the UK and EU
It follows the EU’s announcement that the 27-nation bloc has agreed to ban more than two-thirds of Russian oil imports.
This was alongside a goal to cut out 90 per cent of Russian oil by the end of 2022.
The new proposal was agreed at a summit focused on helping Ukraine with a long-delayed package of sanctions that was blocked by Hungary.
President of the European Council Charles Michel said: ‘We want to stop Russia’s war machine and cut the financing of Russia’s military capacity.’