Russian insurer Ingosstrakh said last week that it had no
plans to offer policies to new clients who might lose coverage from
international insurers after western restrictions against tankers carrying
Russian oil came into force on December 5th. The EU banned all seaborne Russian
crude imports from December 5th, with a refined oil import ban to follow in
February.
Significantly, it banned companies and individuals in the
EU from providing financing, brokerage, shipping and insurance services to ship
Russian oil elsewhere if the crude was bought above a price cap of $60 a barrel
that came into effect on Monday. The G7 and Australia have applied similar
restrictions.
