EU Insurance Ban Targets Russian Oil Exports
Mohammad Ali (@ChaudhryMAli88) Published June 29, 2022 | 09:10 AM
London, (UrduPoint / Pakistan Point News - 29th Jun, 2022 ) :An EU ban on insuring ships transporting Russian oil could potentially hurt Moscow more than its embargo on the nation's crude, analysts say.
The European Union recently unveiled the insurance ban in a sixth set of economic sanctions aimed at punishing Russia over its invasion of Ukraine.
In a further knock, G7 leaders are seeking a price cap for Russian oil to further hurt Kremlin revenues.
The EU insurance and reinsurance ban, covering all maritime transportation of Russian oil, comes as Moscow seeks to ramp up sales to China and India to help offset the embargo.
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