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Europe’s Russia Oil Sanctions Are Affecting Trading Already
European Union sanctions on Russian oil might still be eight weeks away, but they’re hitting trade in the nation’s crude already. The bloc’s measures, including a ban on insuring tanker shipments, enter into force on Dec. 5. A Russian cargo still on the water after that date will no longer be covered by a European underwriter or reinsurer. But because of the time-lag between purchasing a cargo, loading it on a tanker, and getting it to its destination, some trade flows will fall foul of Europe’s measures -- as the bloc’s legislation currently stands. The US has long voiced concern that Europe’s plans will ... (full story)