WHILE crude oil markets have been mostly steady of late amid conflicting signals over China’s demand requirements and geopolitical supply risks, the impending ban on Russian seaborne crude imports has the potential to reignite volatility.
The G7 and the EU are finalizing details of a price cap that is intended to be implemented with the EU ban on seaborne Russian crude imports Dec. 5 and Russian oil products Feb. 5, 2023, which would prohibit insurers and insurance brokers in EU and G7 countries from providing services to oil buyers in other countries purchasing Russian oil above a specified price level.
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