FT learns of London's decision to delay ban on oil insurance from Russia

According to the newspaper, EU and UK sanctions against ships carrying oilfrom RUSSIA, should have been introduced at the same time,however, London delayed the decision due to the energy crisis

The European Union and Great Britain agreed in early June to jointly ban their companies from insuring ships with Russian oil, but despite the restrictions already imposed by Brussels, London, where Lloyd's of London, the largest insurance market, decided to postpone the ban. This was reported by the Financial Times, citing sources.

The UK has previously imposed a ban on ship insurance only for tankers that carry Russian oil to the kingdom itself, this measure will come into effect from 2023. Insurance companies are allowed to provide services if the energy carrier is transported to third countries.

Lloyd's of London spokesman Patrick Davison confirmed to the FT that there is no ban on insuring ships that carry Russian oil to other countries in the UK. The British Treasury told the newspaper that it was studying measures that could be taken against the Russian oil industry.

Sources in Washington told the newspaper that the US and UK plan to ban ship insurance by the end of the year, but before that, the issue of limiting the price of Russian oil should be resolved.

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The European Union, in turn, within the framework of the sixth sanctions package, introduced a complete ban on insurance of ships with Russian oil. Existing contracts are allowed until early December. At the same time, according to the FT, Brussels has made a number of exceptions to its ship insurance sanctions due to global energy security concerns. This, for example, allows European companies to conclude contracts with Russian companies for the transportation of energy carriers to countries outside the EU.

REUTERS learned about the plans of the G7 to impose a ceiling on oil prices from Russia by December Politics

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After the United States banned and the European Union limited imports of Russian oil, Moscow began reorienting supplies to Asian markets. According to BLOOMBERG, in recent months, India has significantly increased its purchases of fuel from Russia. From February 24 to June 30, the country imported $8.8 billion worth of Russian oil and coal, more than in all of 2021. Reuters reported that India bought a record 950 thousand barrels of oil in June. oil per day from Russia.

In mid-July, Bloomberg also announced an increase in the supply of Russian oil products to the Middle East. In June, the volumes reached 155 thousand barrels. per day. This was the highest since the beginning of 2016. More than a third of all cargo went to Fujairah, the oil trading and storage center in the east of the UAE. Tracking what happens to Russian fuel after it is unloaded in Fujairah is difficult, said Cohen Wessels, senior oil products analyst at Energy Aspects consulting company.