Insurance Is the Real Weapon in Europe’s Russian Oil Embargo

The European Union’s partial embargo on Russian oil sounds impressive, but it’s the bloc’s insurance ban on crude oil shipments that has had the most impact.

After weeks of political wrangling, all 27 countries in the bloc finally agreed to ban Russian shipments of crude and refined fuels on Monday night. Hungarian Prime Minister Viktor Orban – an EU expert and friend of Russian President Vladimir Putin – has been a supporter. The phased embargo is forecast to affect around 90% of the bloc’s total crude oil imports by the end of the year, with Hungary, Slovakia and the Czech Republic expected to apply exemptions. except for pipeline supply.

https://www.wsj.com/articles/eus-russian-oil-embargo-is-more-bark-than-bite-11653998698?mod=rss_markets_main Insurance Is the Real Weapon in Europe’s Russian Oil Embargo

Edmund DeMarche

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