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 choke off ... (full story)