The European Union's embargo on 90% of the oil it imports from Russia is the toughest punishment it's inflicted on the Kremlin since President Vladimir Putin ordered the invasion of Ukraine.

But a smaller part of the latest sanctions package could prove just as significant. A ban on insuring ships carrying Russian oil would make it harder for Moscow to divert hundreds of thousands of barrels a day to other buyers in India and China, and that could drive global oil prices even higher.
"Targeting the insurance side of things is the best shot at halting Russian crude flows instead of just redirecting them," said Matt Smith, lead oil analyst at Kpler, a market intelligence firm.
The European Union has announced that EU companies will be blocked from "insuring and financing the transport" of Russian oil to third-party countries after a transitional period of six months.
"This will make it particularly difficult for Russia to continue exporting its crude oil and petroleum products to the rest of the world since EU operators are important providers of such services," the Commission, the EU's executive arm, said in a statement.
The United Kingdom is expected to join the EU effort. That would further tighten the vise, since Lloyd's of London has for centuries been at the center of the maritime insurance market.
So far, Russia has been able to cushion the blow from a drop-off in exports to Europe by attracting other customers with steep discounts. But if ships can't get the insurance they need for delivery runs, that will become much tougher in the near term.
"The restrictions on insurance for Russian ships is hugely important and a primary reason we assume not all Russian barrels can simply be redirected away from Europe to elsewhere, in particular China and India," said Shin Kim, head of supply and production analysis at S&P Global Commodity Insights. "The ban will add political and economic complications to moving Russian oil."
https://edition.cnn.com/2022/06/16/energy/russia-oil-ships-insurance/index.html

We have bigger problems here. So, let Europeans solve their issues themselves.

I’m sure Russia, China and India can insure those ships. NATO and America has been scoring own goals since the beginning of the war. Do you know Putin almost cried when America sent the western companies packing out of his country, and also seized the wealth of the oligarchs? Putin had been trying to get rid of those two sets of people from Russia and America just handed those gifts to him on a platter of gold. Watch the interview of Scott Ritter and you would understand why.

This is the interview. It has 3 parts but I’m almost sure it’s this video.


https://www.youtube.com/watch?v=LB8LWVVkMIU

Lies, sanctions are on gas, but oil spike is as a result of greedy oil corporations using gas as excuse, by the way sanctions are backfiring really bad and Russian Ruble is worlds best performing currency, try another propaganda

You don't play with people who stand to lose nothing, the EU should first deliver themselves from hypocrisy

Jokes everywhere.
So Russia,India and China no go insure their ship and shipment with their insurance company…
This EU people na mugu ooo…
The biggest insurance company in the world is owned by U.S ; United health group.
2nd biggest is owned by China ;Ping An Insurance
3rd is owned by France : Axa
4th is owned by China ; China Life.

Stop calling nonsense sanctions that hold little or no weight.

pol23:
Jokes everywhere.
So Russia,India and China no go insure their ship and shipment with their insurance company…
This EU people na mugu ooo…
The biggest insurance company in the world is owned by U.S ; United health group.
2nd biggest is owned by China ;Ping An Insurance
3rd is owned by France : Axa
4th is owned by China ; China Life.

Stop calling nonsense sanctions that hold little or no weight.

what do you expect from CNN?

No one can touch Russia oil that is tantamount to war...

USA took Iran oil and left Russia ship that the oil was in.

Canada and Germany are negotiating how to circumvent their own sanctions imposed on Russia, and organize the supply Siemens turbines for Russian Gazprom. - Media

Fuel price are going off the roof as it over £2
Nobody care about Ukraine again, all they want now is cheap oil and gas

The CEO of Russia's biggest bank just said it can take up to a decade for Russia to recover from the effects of the sanctions.

There are more.