News

Western countries have postponed the introduction of a ban on insurance of sea transportation of Russian oil due to fears of an energy crisis

THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.

Save Medusa!
https://support.meduza.io

The West, fearing the development of an energy crisis, has so far decided not to introduce a full-fledged ban on insurance of sea transportation of Russian oil, writes The Financial Times.

This measure, which would significantly hamper the supply of oil from Russia to other countries, was announced in May. It was reported that such a ban was agreed upon by the European Union and the UK, which has jurisdiction over the largest companies involved in shipping insurance.

However, as of the end of July, The Financial Times notes, the UK announced only a ban on insuring tankers with Russian oil destined for the British market, which will come into force after December 31, 2022.

The European Union, in turn, introduced a ban on insurance for the transportation of Russian oil from July 4, but prescribed a number of exceptions that allow, in particular, European companies to enter into contracts with Russian companies for the transportation of energy to non-EU countries.

US administration officials told the publication that the United States and the United Kingdom plan to ban insurance for ships carrying Russian oil by the end of 2022, but before that, the issue of limiting prices for it needs to be resolved.

Ban on insurance of ships with Russian oil entered in the sixth package of EU sanctions, which the bloc agreed at the end of May. The authorities of the EU and the UK then said that it was a coordinated ban.

The Russian authorities, in turn, declarethat they can completely stop the supply of oil to the world market, which will lead to a sharp increase in oil prices.

Read also

Leave a Reply

Your email address will not be published.

Back to top button