Insurance ban on Russian oil ships - report

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The UK and EU have teamed up to ban the insurance of ships carrying Russian oil, the Financial Times has reported.

According to the article, on 30 May the EU agreed an embargo on most Russian oil shipments but the “involvement of the UK unlocked the insurance ban” in a sanctions package targeting Russian oil exports.

The move will end access to Lloyd’s. The publication detailed that the UK government had declined to comment but cited sources that an announcement on ending cover was imminent.

It is the latest in a string of insurance developments in response to Russia’s invasion of Ukraine.

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