Insurance Ban Is The EU’s Biggest Blow Yet To Russian Oil Exports

The EU's embargo on 90 percent of all its oil imports from Russia by the end of the year made most headlines last week after the bloc reached a watered-down deal to ban most of Russia's oil. But the much bigger blow to Russian oil exports that will have dramatic consequences on the global oil tanker market and oil prices comes from provision number two in the latest sanctions package—EU operators will be prohibited from insuring and financing the marine transportation of Russian oil to third countries. With the UK set to join the insurance…