EU Bans New Insurance of Ships Carrying Russian Oil

The European Union's sixth package of sanctions against Russia, approved on Thursday, includes an immediate ban on new insurance contracts for ships carrying Russian oil and existing contracts are to be phased out over 6 months, an EU official said.

"It is a 6-month phase out for ship insurance. The six months are counted from the entry into force of the sanctions package, and it is only for existing contracts. New contracts are prohibited immediately," the official said.

The EU's sixth sanctions package will enter into force as soon as it is published in the official journal of the EU, probably on Friday.

(Reuters - Reporting by Jan Strupczewski)