The UK and EU are planning to ban ships carrying Russian oil from getting insurance, according to reports, in what analysts are describing as the biggest blow yet to Moscow’s efforts to fund its war in Ukraine.
Under the agreement, ships carrying Russian oil will not be able to take out insurance at the Lloyd’s of London market, the Financial Times reported Tuesday, citing British and European officials.
The insurance ban is set to be put in place in six months’ time, the Wall Street Journal reported. The UK government, European Commission and Lloyd’s of London did not immediately respond to requests for comment.
