UK bans insurance for Russian oil shipments – Business Insurance

According to TradeWinds, the UK government has introduced legislation banning the use of insurance services to transport Russian oil unless the cargo is purchased at a price below a price cap recently agreed by the G7 countries. The ban, which will take effect on December 5 for Russian crude oil exports and February 5, 2023 for refined petroleum products, also covers other shipping services, including ship brokerage.


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