ICYMI: UK treasury confirms will not allow insurers to cover ships carrying Russian oil | Forexlive

This from Thursday Europe/US time ICYMI.

• tanker owners flying any European Union flag or carry P&I insurance from an EU or UK club can no longer have crude oil onboard that originated in Russia, unless Russia has sold the crude to the buyer at or under a price cap pushed for by G7 members
• The US is expected to join the insurance ban shortly

When the US joins up this means over 90% of the world’s insurers will shun Russian-linked crude tanker business from December 5.

Oil update: