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UK bans insurance for Russian oil transportation


The U.K. government has introduced a law banning the use of insurance services for the transportation of Russian oil, unless the cargo is purchased below the price cap recently agreed by the G7 nations, TradeWinds reported. The ban, which is effective Dec. 5 for Russian crude exports and Feb. 5, 2023 for refined oil products, also covers other shipping services including shipbroking.

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