Putin delenda est

The UK and EU have agreed a co-ordinated ban on insuring ships carrying Russian oil, shutting Moscow out of the vital Lloyd’s of London insurance market and sharply curbing its ability to export crude, according to British and European officials.
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Insurance has been a big sticking point in the development of the EU oil ban, with underwriters warning of the wider economic consequences of clamping down on a sector that is crucial to international trade.

There was also concern in Brussels that the EU acting alone on insurance sanctions would mean that more business flowed to London’s international market.
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Years of complying with sanctions on Iranian oil cargoes have provided a template for compliance, said senior figures in the Lloyd’s market. “The only complication is making sure it is Russian oil to begin with,” said one. “It’s not the easiest job in the world, but neither is it impossible.”

https://www.ft.com/content/10372dd3-be3c-42b9-982b-241a38efcc88

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