The US is urging European capitals to seek ways of easing the impact of their ban on insuring Russian oil cargoes, arguing the measure could cause global crude prices to soar.
The EU and UK agreed to prohibit insurance on tankers carrying Russian oil at the end of last month, in one of the most far-reaching sanctions yet imposed in response to the war launched by president Vladimir Putin in Ukraine.
The EU has now put its ban into law, subject to a delay before it comes into force, and officials play down the idea that it can be adjusted. The UK, which agreed to mirror Brussels’ insurance prohibition, has yet to lay out its own measures.
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