Business Standard

EU may introduce insurance ban for ships carrying Russian oil: Ukraine

This ban is one of the most serious financial instruments of the EU's influence that the bloc has at its disposal to harm the Russian economy, Andriy Yermak, Head of Office of the Ukraine Prez said

Photo: Bloomberg

Photo: Bloomberg

IANS Kiev

The European Union may introduce an insurance ban for ships carrying Russian oil, Andriy Yermak, Head of the Office of the President of Ukraine has said.

"According to the data from Wall Street Journal, this will be part of the sixth sanctions package. This ban is one of the most serious financial instruments of the EU's influence that the bloc has at its disposal to harm the Russian economy. Now it will be difficult for Russia to sell its oil to Asia, as European companies insure most of the world's oil trade," Yermak wrote on Telegram.

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The EU and the UK are also discussing a coordinated ban on insuring ships carrying Russian oil, he asserted.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 01 2022 | 4:53 PM IST

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