English
Market News US media: EU takes out the most severe weapon against Russian oil sanctions, bans insurance for Russian tankers
US media: EU takes out the most severe weapon against Russian oil sanctions, bans insurance for Russian tankers
EU member states have agreed on a sixth round of sanctions against Russia, including the most controversial oil embargo on Russia. "The ban will immediately cover more than two-thirds of Russia's oil exports to the EU, and EU imports from Russia will be cut by 90% by the end of this year," European Council President Michel Michel tweeted.
2022-06-01
9641
"The EU has taken out the toughest weapon against Russia's oil sanctions," the Wall Street Journal reported on June 1. According to officials and diplomats familiar with the matter, the EU will agree to ban insurance companies from insuring ships carrying Russian oil. Designed to kill Russia's access to the international oil market.
Late on the 30th local time, EU member states reached an agreement on the sixth round of sanctions against Russia, including the most controversial oil embargo against Russia. "The ban will immediately cover more than two-thirds of Russia's oil exports to the EU, and EU imports from Russia will be cut by 90% by the end of this year," European Council President Michel Michel tweeted. The "Wall Street Journal" said that the "insurance ban" will be a double blow to Russia together with the oil embargo.
The Wall Street Journal reported that an embargo imposed within Europe would cut Russia off from its largest oil export market, the European Union. And since European companies insure most of the world's oil trade, sanctions banning insurance would also hinder Russian exports to buyers in Asia and elsewhere, hampering Moscow's shift to the east and to the fast-growing economies of China and India. Efforts to sell fossil fuels.
Reuters reported on May 30, citing data from Refinitiv-Ikon, that India has received 34 million barrels of "discounted" Russian oil since the conflict between Russia and Ukraine escalated on February 24 this year. As Asia's third-largest economy and the world's third-largest oil importer, India's oil imports from Russia have been increasing since February.
Oil traders and shipowners say the ban on European companies from insuring tankers carrying Moscow oil is one of the EU's most draconian financial weapons that can hurt the Russian economy, and few companies are willing to use uninsured tankers for shipping, the Wall Street Journal said. oil.
Shipping powers Greece, Cyprus and Malta have reportedly raised concerns over the proposed insurance ban during weeks of negotiations. To allay their concerns, the ban will be phased in over six months, a one-month extension from the original proposal, the people said.
Article source: World Wide Web
Late on the 30th local time, EU member states reached an agreement on the sixth round of sanctions against Russia, including the most controversial oil embargo against Russia. "The ban will immediately cover more than two-thirds of Russia's oil exports to the EU, and EU imports from Russia will be cut by 90% by the end of this year," European Council President Michel Michel tweeted. The "Wall Street Journal" said that the "insurance ban" will be a double blow to Russia together with the oil embargo.
The Wall Street Journal reported that an embargo imposed within Europe would cut Russia off from its largest oil export market, the European Union. And since European companies insure most of the world's oil trade, sanctions banning insurance would also hinder Russian exports to buyers in Asia and elsewhere, hampering Moscow's shift to the east and to the fast-growing economies of China and India. Efforts to sell fossil fuels.
Reuters reported on May 30, citing data from Refinitiv-Ikon, that India has received 34 million barrels of "discounted" Russian oil since the conflict between Russia and Ukraine escalated on February 24 this year. As Asia's third-largest economy and the world's third-largest oil importer, India's oil imports from Russia have been increasing since February.
Oil traders and shipowners say the ban on European companies from insuring tankers carrying Moscow oil is one of the EU's most draconian financial weapons that can hurt the Russian economy, and few companies are willing to use uninsured tankers for shipping, the Wall Street Journal said. oil.
Shipping powers Greece, Cyprus and Malta have reportedly raised concerns over the proposed insurance ban during weeks of negotiations. To allay their concerns, the ban will be phased in over six months, a one-month extension from the original proposal, the people said.
Article source: World Wide Web
Bonus rebate to help investors grow in the trading world!
Or try Free Demo Trading
