The EU will ban the transport of Russian oil and insure its supplies

The European Union intends to ban services related to the transportation of Russian oil, including supply insurance services. This measure is planned to be included in the sixth package of sanctions. The EU expects

The European Union, as part of a new package of sanctions, proposed to ban European courts and companies from providing services related to the transportation of Russian oil, including in the field of insurance, citing sources and a draft sanctions document, BLOOMBERG reported. Information about this was also confirmed by the interlocutor of REUTERS.

According to Bloomberg, the ban will apply to the provision of “directly or indirectly technical support, intermediary services, financing or financial assistance, or any other services related to the transportation, including by transshipment from ship to ship, to third countries of crude oil and petroleum products, produced in RUSSIA or exported from it.

Sanctions will also affect insurance services. As Bloomberg noted, this is an extremely important point, since 95% of tanker liability insurance contracts are carried out through the International Group of Mutual Insurance Associations (Clubs) (International Group of Protection & Indemnity Clubs), which is registered in London and is obliged to comply with European law.

According to Bloomberg and Reuters sources, the European Union wants this part of the new, sixth package of sanctions to come into force in a month, in early June.

Reuters learned about the EU relief for Hungary and Slovakia on Russian oil Politics

Earlier on May 4, the HEAD of the European Commission, Ursula von der Leyen, announced that, as part of a new package of sanctions, the EU plans to introduce a phased embargo on Russian oil . Within six months, the European Union intends to abandon the supply of Russian crude oil, and by the end of the year - and the import of refined products.

The Kremlin, in turn, warned that the imposition of a ban on the import of Russian oil by the European Union would "hit everyone." “Such an embargo will have a very serious impact on the global oil market. It will seriously, for the worse, affect the energy balances on the European continent,” said Dmitry Peskov, press secretary of the President. At the same time , the United States will remain “with its own people” and will feel better than the Europeans, who will have a hard time, he added.

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