European insurers and reinsurers forbidden from covering ships carrying Russian oil

European insurers and reinsurers have been banned from covering ships carrying Russian oil. This decision follows the 6^th wave of sanctions imposed by the European Union on Russia.

Member States have agreed to reduce Russian oil imports by 90% by the end of the year. A temporary exception is made for crude oil delivered by pipeline.

This new measure could make it even harder for Russia to finance its war against Ukraine.