EU CONFIRMS BAN ON INSURING RUSSIAN SHIPS

The EU will this week roll out its planned ban on the insurance or reinsurance of Russian ships, as part of a package designed to wean the bloc off dependence on Russian oil exports. The move – one aspect of Brussels’ ongoing retaliation against Russia for its invasion of Ukraine in February – was confirmed at a press conference given by European Commission president, Ursula von der Leyen, on May 30, with no additional details on offer. Given her intentions were flagged up several weeks ago, the proclamation itself did not come as any real surprise, marine insurance sources told Lloyd’s List. A leaked draft has been knocking around for some time and has clearly been widely read. But insurers nevertheless insisted on the need to see the small print when the full proposals are published, probably on June 1 or June 3 this week.