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Scope of EU Ban on Russian Coal and Fertilizers Jolts Insurers

  • Ban on servicing Russian exports extends to all destinations
  • EU coal sanctions started Aug. 10 after wind-down period
   

   

Source: Bloomberg

The European Union jolted insurers and shippers by clarifying that a ban on EU entities servicing exports of Russian coal and some fertilizers applies to shipments anywhere in the world.

An EU ban on imports of Russian coal and other goods into the 27-nation bloc started on Aug. 10, following a wind-down period of four months. In a clarification, the bloc said the sanctions also prohibit EU operators from providing services -- such as financing and insurance -- to all shipments of such products originating in Russia.