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Latest EU sanctions on Russian oil could deprive tankers of insurance

Posted On: Oct. 24, 2022 9:45 AM CST

Sanctions risk

The European Union’s latest sanctions on the Russian crude and petroleum products could lead to some of the world’s tanker fleet being deprived of industry-standard insurance, UK Time News reported citing Bloomberg. “Ships from third countries found to have violated the price cap will never again be able to use EU services, such as insurance and finance,” analysts from Rapidan Energy Group, an energy sector research group based in Washington, said in a note.