UK Seeks to Cap the Price of Russian Oil With Insurance Move
- UK aligns its position with EU ahead of planned price cap
- London is a key insurance market for oil transportation
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The UK government is to cap the price of Russian oil for any company in the world using the country’s insurance, brokerage and shipping services.
The UK Treasury said in a statement on Thursday that the country will prohibit the provision of the services from Dec. 5, part of a broader international effort to undermine Russia’s war effort in Ukraine.