European countries have shelved a plan to exclude the Russian Federation from the vital marine insurance market.
In the sixth month of a full-scale Russian invasion of Ukraine, after the entry into force embargo on coalthe governments of European countries softened efforts to limit trade in Russian oil.
This is reported Financial Times.
European countries have shelved a plan to exclude the Russian Federation from Lloyd’s of London’s vital marine insurance market and allow some international shipments amid fears of rising oil prices and curbing global energy supplies.
War in Ukraine and sanctions:
The EU insurance ban was introduced on June 4 and remains in effect. It prevents companies in the bloc from taking out new insurance for any vessel transporting Russian oil anywhere.
Existing agreements remain valid until December 5, when all such activities will be prohibited.
The EU has changed some of its sanctions to allow European companies to deal with certain Russian state-owned companies, such as Rosneft, for the purpose of transporting oil to countries outside the bloc.
European companies will no longer be prohibited from paying companies like Rosneft “if those transactions are badly needed” to buy or transport crude or oil products to third countries, a European Commission spokesman told the FT.
The EU statement said the measures were taken to “avoid any potential negative impacts on food and energy security around the world.”
On April 8, the European Union published the fifth package of sanctions containing the coal embargo.
From August 2022, there is a ban on the purchase, import or transport of coal and other solid fossil fuels in the EU if they originate in Russia or are exported from Russia.
On July 21, 2022, it became known that the UK would impose sanctions on coal imports and oil from Russia.
On August 1, 2022, the EU entered into force embargo on Russian coal.