Reportedly, the EU is ready to propose a ban on all shipping, financing and insurance services for the transport of Russian crude worldwide within a month, an EU source told Reuters on Wednesday.
An EU ban on Russian oil imports would take effect within six monthsthe source added, without a phase-out, and would cover both market prices and existing contracts.
A global ban on the provision of Russian crude oil transportation services could potentially affect Russia’s ability to find alternative buyers for its crude after the EU embargo takes effect, Reuters speculated.
The EU source told Reuters that the latest EU measures would have a “chilling” effect on the Russian oil trade and could lead to further “self-sanction”, in which international traders avoid Russian crude even if they are not directly targeted by EU sanctions EU.
Source: Fx Street
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