EU Targets Russia’s Global Oil Trade With Shipping Sanctions
- Plan would ban providing services, insurance for oil transport
- Greece, Cyprus question ban on moving Russia oil outside EU
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The European Union is seeking to go beyond an import ban on Russian crude, targeting insurers in a move that could dramatically impair Moscow’s ability to ship its oil anywhere in the world.
The bloc is proposing to ban European vessels and companies from providing services -- including insurance -- linked to the transportation of Russian oil and products globally as part of its new sanctions package, according to officials and a draft document seen by Bloomberg.