WSJ: EU sanctions include a ban on insuring ships carrying Russian oil

The EUʼs sixth package of sanctions against Russia includes a ban on insuring ships carrying Russian oil.

This was reported by The Wall Street Journal, citing sources.

All tankers transporting Russian oil anywhere in the world will be banned. The newspaper notes that this will undermine Russiaʼs efforts to sell its oil in Asia, as European companies insure most of the worldʼs oil trade.

It is not specified when this ban will take effect — from the moment the sanctions are imposed or after the transition period.

• On May 31, European Council President Charles Michel announced that EU leaders had agreed on an oil embargo. The European Union will be able to ban the import of about 2/3 of Russian oil, which it purchased previously.
• Other important components of the package include the disconnection of Russiaʼs Sberbank from SWIFT, the ban on Russian Rossiya24, TV center International, RTR Planeta and sanctions against Russian citizens and companies involved in war crimes in Ukraine.
• The WSJ writes that a number of members of the Organization of Petroleum Exporting Countries are considering excluding Russia from the oil deal due to sanctions. According to experts, even without the decision of the OPEC, Russia will have losses in revenue. The embargo will hit Russia harder than Europe.